Copper Prices Fluctuate Rangebound, Procurement Volume of Secondary Copper Rod Enterprises Remains Flat [SMM Daily Review of Secondary Copper]

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SMM May 27

      At 11:30 today, the futures closing price was 78,240 yuan/mt, unchanged from the previous trading day. The average spot premiums/discounts were 150 yuan/mt, down 35 yuan/mt from the previous trading day. Today, the price of secondary copper raw materials remained unchanged MoM. The price of bare bright copper in Guangdong was 72,700-72,900 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 943 yuan/mt, up 25 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,080 yuan/mt. According to the SMM survey, secondary copper rod enterprises, considering the approaching Dragon Boat Festival holiday, will stock up on 1-2 days' worth of raw material inventory. However, due to the minimal change in copper prices, the shipments from suppliers were relatively small, resulting in generally moderate procurement of secondary copper rod raw materials.