Copper Prices Consolidate at Highs Amid Pressure to Break Above 110k
Copper futures prices remained steady at highs of 109,630 yuan/mt on September 7, according to the Shanghai Metals Market's Secondary Copper Daily Review. The spot premiums averaged 225 yuan/mt, down 65 yuan/mt from the previous month.
The sales sentiment index for secondary copper raw materials held steady at 2.82, while the purchasing sentiment index remained at 1.80. The price difference between copper cathode and copper scrap was 3,577 yuan/mt, up 30 yuan/mt from the previous month.
According to an SMM survey, copper prices consolidated at highs, with secondary copper rod enterprises maintaining normal purchasing levels. However, secondary copper raw material traders believed that copper prices would face significant pressure to break above 110,000 yuan again in the near term, and they would sell into strength.