Copper prices fluctuate downward, suppliers refuse to budge on prices when selling [SMM Secondary Copper Daily Review]

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SMM May 20

      At 11:30 today, the futures closing price was 77,890 yuan/mt, up 260 yuan/mt from the previous trading day. The average spot premiums/discounts were 390 yuan/mt, down 50 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,200-72,400 yuan/mt, up 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,365 yuan/mt, up 105 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,120 yuan/mt. According to the SMM survey, due to the recent rainy weather in Guangdong, many secondary copper rod enterprises requested that suppliers load the goods as soon as possible during procurement. If the secondary copper raw material gets wet, it needs to be dried for a while before weighing, which affects the production rhythm of secondary copper rod enterprises. However, with copper prices fluctuating downward currently, suppliers still refuse to budge on prices when selling, and the circulation volume of secondary copper raw material in the market has marginally decreased.