Off-season Consumption Approaches, High Overseas Copper Scrap Prices May Lead to Larger-than-Expected Decline in Imports in May and June [[SMM Daily Review of Secondary Copper]]

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SMM April 30

      At 11:30 today, the futures closing price was 77,630 yuan/mt, down 50 yuan/mt from the previous trading day. The average spot premiums/discounts were 230 yuan/mt, up 25 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 71,800-72,000 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,371 yuan/mt, up 23 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,005 yuan/mt. According to the SMM survey, the quotes for imported secondary copper raw material remained at a relatively high level, and domestic traders were unable to accept overseas offer prices. The combination of high prices and weak demand during the off-season is expected to result in a greater-than-expected decline in port arrivals of secondary copper raw material in May and June.