Copper Prices Maintain Fluctuating Trend After Holiday, Secondary Copper Raw Material Supply Remains Tight [SMM Secondary Copper Daily Review]

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SMM May 6

      The futures closing price at 11:30 today was 78,140 yuan/mt, up 510 yuan/mt from the previous trading day. The average spot premiums/discounts were 285 yuan/mt, up 55 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 200 yuan/mt MoM today. The price of bare bright copper in Guangdong was 72,000-72,200 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,723 yuan/mt, up 352 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,375 yuan/mt. According to the SMM survey, after the Labour Day holiday, secondary copper rod enterprises have basically resumed normal production. However, due to the fluctuating trend of copper prices, the circulation of secondary copper raw material in the market remains limited. Secondary copper rod enterprises expect that the production of secondary copper rod in May will be affected to varying degrees by insufficient raw material supply.