The center of copper prices continues to move upward, and the sentiment of suppliers to sell goods has heated up [SMM Secondary Copper Daily Review]

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SMM June 10

      At 11:30 today, the futures closing price was 79,220 yuan/mt, up 470 yuan/mt from the previous trading day. The average spot premiums/discounts were 85 yuan/mt, unchanged from the previous trading day. Today, the price of secondary copper raw material rose by 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 73,000-73,200 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,539 yuan/mt, up 151 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,465 yuan/mt. According to the SMM survey, the center of copper prices continued to move higher. Some suppliers of secondary copper raw material began to increase their shipments, believing that market expectations were gradually improving during the Sino-US trade negotiations. If the outcome of the Sino-US trade talks falls short of expectations, copper prices may experience a significant pull back, which could result in unnecessary losses. Therefore, in the past two days, suppliers of secondary copper raw material have been selling at high prices.