Cost Inversion Forces Product Prices from Discount to Premium; Secondary Copper Rod Loses Futures Price Advantage [SMM Analysis]

[SMM Analysis: Cost Pressures Shift Product Pricing from Discount to Premium, Secondary Copper Rod Loses Futures Price Advantage] The most noteworthy change in the secondary copper rod market in October 2026 was not the rise or fall in copper prices, nor the widening or narrowing of the price difference between copper cathode and copper scrap, but rather the reversal of the pricing benchmark for finished products—the discount of secondary copper rod in Jiangxi against copper futures narrowed from a discount of 443 yuan/mt at end-September to a discount of 252 yuan/mt in the first week after the holiday, then swung directly to a premium of 552 yuan/mt in the week of October 22, a single-week swing of 804 yuan/mt, and further rose to a premium of 566 yuan/mt in the week of October 30, with a cumulative swing of about 1,000 yuan/mt over the month…..



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