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SMM, April 29
At 11:30 today, the futures closing price was 77,680 yuan/mt, up 210 yuan/mt from the previous trading day. The average spot premiums/discounts were 205 yuan/mt, up 25 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose by 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 71,800-72,000 yuan/mt, up 200 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,396 yuan/mt, up 23 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,030 yuan/mt. According to the SMM survey, import data for secondary copper raw material in March showed that the supply of secondary copper raw material from the US had dropped to 22,000 mt. Imports from Japan have surged to become the primary source of secondary copper raw material for China. Given the current tense trade relations between China and the US, the port arrivals of secondary copper raw material from the US are expected to decrease rather than increase in April and May.
