Overseas suppliers of secondary copper raw materials continued to stand firm on quotes, while import traders were reluctant to make excessive purchases. [SMM Secondary Copper Daily Review]

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SMM April 25

      At 11:30 today, the futures closing price was 78,050 yuan/mt, up 200 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 by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 71,900-72,100 yuan/mt, up 100 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,634 yuan/mt, up 98 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,180 yuan/mt. According to the SMM survey, the supply of imported goods from Europe remains tight. A Ningbo import trader stated that the coefficient for European bare bright copper quotations this week remains at 99%-99.5%. Although the import window for secondary copper raw material is currently open, domestic scrap utilisation enterprises still cannot accept the high prices of secondary copper raw material. Therefore, No. 1 copper and No. 2 copper are currently more favored by scrap utilisation enterprises. Unless copper prices continue to rise, further widening the price difference between copper cathode and copper scrap, domestic scrap utilisation enterprises will consider purchasing imported bare bright copper.