Copper Prices Slightly Decline, Affecting Upstream Shipment Sentiment [SMM Secondary Copper Daily Review]

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SMM, May 13

      At 11:30 today, the futures closing price was 78,190 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were -10 yuan/mt, up 5 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 1,265 yuan/mt, down 174 yuan/mt WoW. The price difference between copper cathode rod and secondary copper rod was 1,080 yuan/mt. According to the SMM survey, today, secondary copper raw material traders indicated that copper prices dropped slightly, affecting the upstream delivery sentiment. Although the current downstream demand has weakened and the supply of secondary copper raw material is relatively loose, in the medium term, the issue of tight supply of secondary copper raw material still cannot be effectively resolved.