Copper Prices Rise as Stockpiling Sentiment Dampens
Copper prices rose on September 29, as futures closed at 110,190 yuan/mt, up 220 yuan/mt from the previous trading day. Despite this increase, spot premiums averaged 1,050 yuan/mt, down 90 yuan/mt from the previous month.
The secondary copper raw material sales sentiment index fell to 2.52, while the purchasing sentiment index dropped to 1.99. The price difference between copper cathode and copper scrap was 4,056 yuan/mt, up 130 yuan/mt from the previous month.
According to SMM's survey, copper prices climbed in the afternoon, dampening secondary copper rod enterprises' pre-National Day holiday stockpiling sentiment. End-user wire and cable enterprises required secondary copper rod enterprises to deliver during the National Day holiday when placing orders, but preferred negotiating post-holiday delivery.