Copper Prices Dip Before Rebound on August 31

Copper prices took an unexpected dip before rebounding on August 31, according to data from the Shanghai Metals Market (SMM). At 11:30 am, the futures closing price was 109,150 yuan/mt, down 50 yuan/mt from the previous trading day. In contrast, spot premiums averaged 610 yuan/mt, up 75 yuan/mt from the day before.

The copper scrap prices fell by 200 yuan/mt compared to the previous day, while the sales sentiment index for copper scrap rose to 2.86, and the buying sentiment index fell to 1.68. The price difference between copper cathode and copper scrap was 5,410 yuan/mt, up 251 yuan/mt from the day before.

SMM's survey found that during early trading, secondary copper rod enterprises reported sporadic raw material purchases, but after many copper scrap traders raised prices around the midday close, transactions became very limited. The price difference between copper cathode rod and secondary copper rod was 1,990 yuan/mt.