Secondary Copper Raw Material Prices Remain High, Copper Rod Enterprises Unwilling to Lower Prices for Shipments [SMM Daily Review of Secondary Copper]

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SMM June 13

      At 11:30 today, the futures closing price was 79,000 yuan/mt, down 300 yuan/mt from the previous trading day. The average spot premiums/discounts were 95 yuan/mt, unchanged from the previous trading day. Today, the price of secondary copper raw materials fell by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,900-73,100 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,629 yuan/mt, up 90 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,350 yuan/mt. According to the SMM survey, many secondary copper rod enterprises reported that copper prices had pulled back, but many suppliers of secondary copper raw materials refused to budge on prices. The discount of secondary copper rod against copper futures did not decrease with the fall in copper prices. Even when downstream end-users or traders pressed for a 100-150 yuan/mt reduction in the price of secondary copper rod, secondary copper rod enterprises were unwilling to accept this price, and the intraday trading situation was average.