Copper futures reached 111,750 yuan per metric ton at the latest reported 11: 30 close, up 250 yuan from the previous session, while average spot pricing shifted to a 50-yuan discount. Secondary copper prices were unchanged, leaving end-users to restock despite limited upward momentum in the broader market.
The spread between copper cathode and copper scrap widened by 230 yuan to 3,704 yuan per ton, while the gap between copper cathode rod and secondary copper rod stood at 1,000 yuan per ton.
Many secondary copper rod producers kept their buying prices unchanged as traders used the rally to sell material and some finalized prices for inventory already held. Those conditions kept scrap prices elevated, but increased end-user restocking helped transactions recover somewhat.
Near-term trading is being shaped by the approaching expiry of the October copper contract. The front-month and next-month spread had begun to narrow but remained high, while suppliers became less willing to sell at lower prices. That reduced some supply pressure, although cautious purchasing continued to limit the strength of spot-market demand.