Continuous Sales Losses Lead to Production Cuts by Secondary Copper Rod Enterprises [SMM Daily Review of Secondary Copper]

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SMM May 15

      At 11:30 today, the futures closing price was 78,560 yuan/mt, down 380 yuan/mt from the previous trading day. The average spot premiums/discounts were 20 yuan/mt, up 45 yuan/mt from the previous trading day. Today, the price of secondary copper raw material decreased by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,452 yuan/mt, down 229 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,125 yuan/mt. According to the SMM survey, sales of secondary copper rod continued to incur losses, prompting many enterprises to opt for production cuts. Enterprises still producing secondary copper rod indicated that almost all daily output was dispatched, suggesting a potential short-term reduction in the supply of secondary copper rod in the market.