Fluctuating Copper Prices Spur Suppliers of Secondary Copper Raw Material to Sell [SMM Daily Review of Secondary Copper]

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SMM, May 12

      At 11:30 today, the futures closing price was 78,360 yuan/mt, up 230 yuan/mt from the previous trading day. The average spot premiums/discounts were -15 yuan/mt, down 95 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 72,200-72,400 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,430 yuan/mt, up 135 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,145 yuan/mt. According to the SMM survey, secondary copper raw material traders indicated that as copper prices continued to fluctuate around 78,000 yuan/mt, some suppliers, driven by capital needs and with small profits, were willing to sell the secondary copper raw materials they had recently purchased. In the short term, the inventory of secondary copper raw material traders was relatively abundant.