The overseas copper scrap supply landscape is tight, and the procurement volume in April is expected to decline significantly. [SMM Secondary Copper Daily Review]

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SMM April 18

      Today's futures closing price at 11:30 was 76,140 yuan/mt, down 90 yuan/mt from the previous trading day. The average spot premiums/discounts were 130 yuan/mt, up 55 yuan/mt from the previous trading day. Today, the price of secondary copper raw material increased by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 70,800-71,000 yuan/mt, up 100 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 844 yuan/mt, down 142 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 535 yuan/mt. According to the SMM survey, copper scrap import traders stated that after the suspension of US supply, recent European supply has also decreased. This is due to reduced local production in Europe and increased local consumption, leading to suppliers' quotations far exceeding reasonable ranges. The procurement volume in April is expected to be only 50% of that in March.