Copper prices rise, secondary copper raw material traders hold onto inventory in anticipation of further price increases [SMM Daily Review of Secondary Copper]

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SMM June 9

      At 11:30 today, the futures closing price was 78,750 yuan/mt, down 10 yuan/mt from the previous trading day. The average spot premiums/discounts were 85 yuan/mt, up 10 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 1,388 yuan/mt, remaining unchanged MoM. The price difference between copper cathode rod and secondary copper rod was 1,155 yuan/mt. According to the SMM survey, copper prices rose during the midday session. Suppliers of secondary copper raw materials responded quickly, raising their selling prices or even halting shipments. Many secondary copper rod enterprises stated that the abnormal fluctuations in copper prices were more due to the optimistic expectations surrounding the China-US trade negotiations. However, the market expects that the bullish sentiment will not last long.