Invoice Issues Hinder Copper Scrap Procurement Amid Holiday Stockpiling Efforts

Copper prices fell on September 24 as futures closing price dropped to 110,740 yuan/mt from the previous trading day's 110,930 yuan/mt. Spot premiums averaged 1,315 yuan/mt, down 25 yuan/mt month-over-month.

The secondary copper sales sentiment index plummeted to 2.61 while the procurement sentiment index rose to 1.97. The price difference between copper cathode and copper scrap narrowed to 4,526 yuan/mt, down 100 yuan/mt from last month.

According to a survey by SMM, secondary copper rod enterprises struggled to procure copper scrap due to invoice issues with suppliers. As the Mid-Autumn Festival holiday approached, these enterprises attempted to stockpile raw materials but were severely limited in their procurement volumes.