Copper Prices Hit New Highs Amid Strong Demand
Copper prices have reached new highs, surpassing 111,170 yuan/mt in futures trading. This represents a significant increase of 1,540 yuan/mt from the previous day's closing price.
The spot premiums averaged 165 yuan/mt, down 60 yuan/mt month-over-month from the previous day. However, copper scrap prices rose by 300 yuan/mt compared to last month.
The copper scrap sales sentiment index increased to 2.89, while the purchasing sentiment index fell to 1.73. The price difference between copper cathode and copper scrap widened to 4,649 yuan/mt, up 1,072 yuan/mt from last month.
According to an SMM survey, the SHFE copper market was affected by short squeezes outside China, causing prices to break through 110,000 yuan. The highest price touched was 111,340 yuan.