Copper Prices See Limited Decline Amid Tepid Demand

Copper prices saw a limited pullback on September 23, according to the Shanghai Metals Market's Secondary Copper Daily Review. The futures closing price was 110,930 yuan/mt, down 640 yuan/mt from the previous trading day.

The average spot premium was 1,340 yuan/mt, down 35 yuan/mt MoM from the previous trading day. In contrast, secondary copper raw material prices fell 200 yuan/mt MoM.

The sales sentiment index for secondary copper raw materials remained flat at 2.67, while the purchasing sentiment index dropped to 1.92. The price difference between copper cathode and copper scrap was 4,626 yuan/mt, up 555 yuan/mt MoM.

Secondary copper rod enterprises were still hesitant to purchase due to high prices, with some expecting to stockpile only after prices fall below 110,000. Traders complained that secondary copper raw material prices have not kept pace with declines in other markets.