[SMM Analysis: Sales Losses Widen, Secondary Copper Rod Enterprises Reduce Operating Rates] According to SMM's survey data, the operating rate of secondary copper rod this week was 22.14%, up 0.27 percentage point WoW and down 6.87 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,082 yuan/mt this week, narrowing by 84 yuan/mt MoM. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 188 yuan/mt, narrowing by 437 yuan/mt MoM...

[SMM Analysis: Copper Prices Fluctuate Rangebound, Suppliers of Secondary Copper Raw Material Refuse to Budge on Prices When Selling] Copper prices fluctuated rangebound during the week, with a decline of 200 yuan/mt. The price of bare bright copper in Guangdong remained firm, with a decline of 0 yuan/mt. Due to the downward fluctuation of copper prices, suppliers of secondary copper raw material refused to budge on prices when selling. The price difference between copper cathode and copper scrap narrowed from 1,300 yuan/mt to 1,000 yuan/mt. The daily quotes from suppliers of secondary copper raw material were significantly higher than reasonable levels. However, given the insufficient orders on hand for secondary copper rod enterprises...

[SMM Spot Copper] Currently, there are signs of a widening price spread between futures contracts. Next week, as the market enters the trading period for cargoes with invoices dated next month, some traders will have a need for payment collection. However, the price spread between invoices for the current month and the next month is expected to be 30-40 yuan/mt. It is anticipated that next week, premiums and discounts will stabilize around this week's price center. If they fall below 100 yuan/mt, the market may exhibit a purchasing sentiment.

Today, spot #1 copper cathode in North China was trading at a discount of 150 yuan/mt to 30 yuan/mt against the front-month contract, with an average discount of 90 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 77,650 yuan/mt to 77,910 yuan/mt, with an average price of 77,780 yuan/mt, down 100 yuan/mt from the previous trading day.