According to SMM data, from August 19 to August 23, the weekly average price of 1# copper cathode was 73,790 yuan/mt, up 1.97% WoW; the weekly average price of bare bright copper in east China was 68,020 yuan/mt, up 2.47% WoW; the weekly average price of baled copper cable scrap (Cu＞99.5%) was 68,220 yuan/mt, up 2.47% WoW.
According to SMM data, last week, the focus of copper prices rose, and the supply of secondary copper increased slightly MoM. This week, copper prices continued to rise due to the boost from crude oil and the upcoming interest rate cuts by the US Fed, stimulating secondary copper holders to sell. According to secondary copper traders in Linyi Metal City, the supply of secondary copper has increased significantly this week. Due to the rising trend of copper prices, some traders have been stockpiling. In addition, the number of secondary copper rod plants resuming production is also increasing, and the demand for secondary copper is also rising simultaneously. Overall, the throughput of secondary copper in Linyi Metal City is expected to continue to increase WoW.
Looking ahead, due to supply-side disruptions and macroeconomic sentiment, the market expects that copper prices still have room to rise, which is beneficial for secondary copper traders to increase their shipments. Additionally, with the end of the hot weather, the efficiency of the secondary copper recycling system is gradually recovering, and the supply of secondary copper is expected to continue to increase. Although the number of secondary copper rod plants resuming production has increased recently, many enterprises are still observing the situation. Attention needs to be paid to the implementation of Document No. 783. In summary, the throughput of secondary copper in Linyi Metal City is expected to continue to rise.
