[SMM scrap Copper column] the import volume of scrap copper in June was less than half of the expected cumulative import volume.

Daily review of spot trading of scrap copper

Today, the spot price of electrolytic copper in Shanghai quoted a price of 30 yuan / ton to 100 yuan / ton for that month's contract, 51620 yuan / ton to 51780 yuan / ton for Pingshui copper, and 51660 yuan / ton to 51820 yuan / ton for Shengshui copper. The pressure of copper in Shanghai is 52000 yuan / ton along the first line of 51700 yuan / ton. today, the market focus is around the bills of the current month and next month. The holders of monthly tickets are slow in their willingness to raise prices. They hold the opening price of the monthly tickets and quote a price of 600.70 yuan / ton for copper in flat water, and about 100yuan / ton for good copper. It is difficult to make a deal, the market demand for bills weakens, the price quoted by the holders is lowered, and the good copper is concentrated around 80,000yuan / ton. Leveling copper is mostly around 40 yuan / ton-60 yuan / ton. However, there is a big difference in invoice performance next month, and most of the holders have transferred to next month's ticket quotations, which are concentrated on Pingshui copper 30 yuan 40 yuan / ton, good copper water 60 yuan 70 yuan / ton, and wet copper quotation around 50 yuan / ton. This month's long order has come to an end, when the monthly ticket gradually withdrew from the mainstream stage, most of today's transactions revolve around the demand for next month's ticket, and the transaction activity of next month's invoice occupies the mainstream. Today, the lower reaches of the market to maintain rigid demand, still give priority to wait-and-see, market trading is dominated by trade speculators.

The price of bright copper in Guangdong is 45900 yuan / ton ~ 46200 yuan / ton, which is 200 yuan lower than that of the previous trading day. The price difference of fine waste copper is 2574 yuan / ton, and the month-on-month expansion is 14 yuan. According to the latest data from the General Administration of Customs, the domestic import of copper scrap was 68744.67 tons in June 2020, down 1.08% from the previous month. From January to June, the total import of copper scrap was 430617.60 tons, a cumulative decrease of 50.17% compared with the same period last year.

SMM believes that the control of the global epidemic situation was gradually relaxed in May, Southeast Asia quickly entered the stage of resumption of work, and domestic enterprises gradually sent scrap copper inventory to China, but China's middle-level managers going abroad are still restricted by many factors, affecting the starting level of scrap copper disassembly and processing enterprises, and the long ocean transportation cycle in Europe and the United States, resulting in less than expected scrap copper imports in June. While the cumulative sharp decrease from January to June compared with the same period last year, in addition to the reduction of supply in overseas regions caused by epidemic factors in the first half of the year, there were also problems that domestic enterprises grabbed imports before abolishing six types of re-restrictions last year, which led to excessive base.

From January to June, the solid waste Chemicals Management Network issued a total of 541700 tons of copper scrap approvals, which shows that the remaining approvals at the end of June are about 110000 tons, superimposed on the ninth and tenth batches issued in July, and there are still about 290000 tons left in the third quarter, which is abundant in quantity. According to the order situation of the enterprise, it is expected that the arrival of scrap copper will resume to increase in July.

Import profit and loss of scrap copper

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