China-US Tariff Issue: US Copper Scrap No Longer Appears in the Market [SMM Daily Review of Secondary Copper]

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SMM June 13

      At 11:30 today, the futures closing price was 78,600 yuan/mt, down 400 yuan/mt from the previous trading day. The average spot premiums/discounts were 35 yuan/mt, down 60 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 72,900-73,100 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 975 yuan/mt, down 460 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,090 yuan/mt. According to the SMM survey, importers of secondary copper raw material in Ningbo said that US brass or red copper is no longer seen in the park. Due to tariff impacts, US secondary copper raw material cannot enter the Chinese market. Although the latest round of Sino-US trade negotiations has concluded, the tariff issue has not yet been further implemented. Therefore, importers still will not purchase secondary copper raw material from the US.