Effective Policy Implementation, Secondary Copper Rod Enterprises Gradually Improving Invoice Sources [SMM Daily Review of Secondary Copper]

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SMM June 4

      At 11:30 today, the futures closing price was 78,420 yuan/mt, up 390 yuan/mt from the previous trading day. The average spot premiums/discounts were 130 yuan/mt, down 90 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,422 yuan/mt, up 87 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, as various regions gradually strengthen the enforcement of "reverse invoicing," some secondary copper rod enterprises have reported that the local tax authorities have suspended issuing VAT invoices for small and micro enterprises. As provinces and cities continue to promote this, future input tax credits for secondary copper rod enterprises will be dominated by "reverse invoicing."