Insufficient orders on hand, weak willingness of secondary copper rod enterprises to stockpile before the holiday [SMM Daily Review of Secondary Copper]

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SMM May 29

      At 11:30 today, the futures closing price was 78,250 yuan/mt, up 10 yuan/mt from the previous trading day. The average spot premiums/discounts were 150 yuan/mt, unchanged from the previous trading day. Today, the price of secondary copper raw material remained unchanged on a MoM basis. 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 953 yuan/mt, up 10 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, secondary copper rod enterprises had weak stockpiling intentions before the holiday. Due to insufficient orders on hand, the supply of secondary copper raw material in the market was moderate. The regular raw material inventory of secondary copper rod enterprises could ensure normal production during the holiday, so they were not in a hurry to purchase excessive amounts of secondary copper raw material.