Secondary copper rod enterprises prepared for stockpiling before the long holiday, standing firm on quotes to purchase secondary copper raw materials. [SMM Secondary Copper Daily Review]

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SMM April 22

      Today's futures closing price at 11:30 was 77,080 yuan/mt, up 450 yuan/mt from the previous trading day. The average spot premiums/discounts were 180 yuan/mt, up 5 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 71,100-71,300 yuan/mt, up 100 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,515 yuan/mt, up 242 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 805 yuan/mt. According to the SMM survey, some secondary copper rod enterprises have been standing firm on quotes to purchase secondary copper raw material in the market recently to prepare for stockpiling before the May Day holiday, and the purchasing situation was quite ideal. In addition, secondary copper rod enterprises in Henan have completed the payment of the 2% assessed tax for the "reverse invoicing" transition year, and the actual invoice tax rate changes for local enterprises are still being calculated. SMM will continue to follow up on the invoice tax rate changes in Henan and other regions and promptly release the latest data.