In May, copper prices fluctuated and consolidated, mainly trading within the range of 77,000-79,000 yuan/mt, while the price of bare bright copper similarly hovered within the range of 72,300-72,500 yuan/mt. During the first half of the month, amid considerable fluctuations in copper prices, the average daily price change ranged from 700-1,000 yuan/mt, and the price difference between primary metal and scrap remained at 1,300-1,700 yuan/mt. As suppliers of secondary copper raw materials still expected copper prices to rise, they chose to hold onto their inventory on trading days when prices fell.

[SMM Analysis: Copper Prices Consolidate amid Volatility, Suppliers of Secondary Copper Raw Material Sell on Highs] In May, copper prices consolidated amid volatility, with prices fluctuating within the range of 77,000-79,000 yuan/mt, while the price of bare bright copper similarly hovered within the range of 72,300-72,500 yuan/mt. During the first half of the month, amid considerable fluctuations in copper prices, the average daily % change in copper prices ranged from 700-1,000 yuan/mt, and the price difference between copper cathode and copper scrap remained at 1,300-1,700 yuan/mt. As suppliers of secondary copper raw material still expected copper prices to rise, on trading days when prices fell...