Post-holiday supply of imported secondary copper raw materials increased slightly, expected to last no longer than next week [SMM Daily Review of Secondary Copper]

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SMM May 9

      At 11:30 today, the futures closing price was 78,130 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were 80 yuan/mt, down 145 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged on a WoW basis. The price of bare bright copper in Guangdong was 72,200-72,400 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,295 yuan/mt, down 315 yuan/mt WoW. The price difference between copper cathode rod and secondary copper rod was 1,205 yuan/mt. According to the SMM survey, traders of secondary copper raw material in Ningbo indicated that before the Labour Day holiday, customs had stockpiled a significant number of containers of secondary copper raw material. After a one-time customs clearance after the holiday, there is currently a small amount of secondary copper raw material inventory in various warehouses within the park. However, considering the moderate restocking sentiment of enterprises after the holiday, it is expected that the supply of secondary copper raw material will tighten again next week.