The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 May, 2025

On the afternoon of May 12, the day after the conclusion of the Sino-US Geneva Economic and Trade Talks, both sides issued the "Joint Statement on the Sino-US Geneva Economic and Trade Talks", reaching a consensus to mutually suspend the 24% tariffs for 90 days while maintaining the 10% tariffs. Secondly, they simultaneously revoked two executive orders imposing additional tariffs, including Executive Order 14259 and Executive Order 14266 signed by the Trump administration on April 8 and 9, respectively. China also announced in response the cancellation of the additional tax measures against the US, as outlined in Announcement No. 5 and No. 6 of 2025 by the Customs Tariff Commission, which means the cancellation of the 91% additional tariffs imposed as a countermeasure on US goods. With the easing of Sino-US tariff policies, how has the export market for copper cathode rods responded? Has there been a rush in exports? Below is a detailed analysis:

[SMM Analysis: Sales Losses Persist, Finished Product Inventories Increase] According to SMM's survey data, the operating rate of secondary copper rod this week was 21.17%, up 0.13 percentage point WoW and down 1.9 percentage point YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod this week was 1,166 yuan/mt, narrowing by 102 yuan/mt WoW. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 625 yuan/mt, widening by 121 yuan/mt WoW...

[SMM Analysis: Suppliers Fear Copper Price Decline, Actively Sell Inventory] This week, copper prices experienced a trend of rising first and then falling, with an overall increase of 700 yuan/mt. The price of bare bright copper in Guangdong only rose by 200 yuan/mt. According to SMM, at the beginning of the week, some suppliers of secondary copper raw materials, concerned about the long-term volatility of copper prices, chose to sell at the price peak...

[SMM spot copper] Looking ahead to next week, the outflow of warrants on Tuesday and Wednesday will exert downward pressure on premiums. It is expected that there will be a gradual pullback risk for the premium of 400 yuan/mt next week, but downstream purchases at lower prices are expected to boost market trading activity.