Copper Prices Rebound, Secondary Copper Rod Enterprises Show Lukewarm Procurement Sentiment [SMM Secondary Copper Daily Review]

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SMM June 16

      At 11:30 today, the futures closing price was 78,700 yuan/mt, up 100 yuan/mt from the previous trading day. The average spot premiums/discounts were 30 yuan/mt, down 5 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 1,070 yuan/mt, up 95 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,190 yuan/mt. According to the SMM survey, secondary copper rod enterprises indicated that as copper prices rose, the increase in secondary copper raw material prices was in line with that of copper cathode. However, compared to the secondary copper raw material quotes at noon last Friday, there was no significant change. Therefore, the quotes of secondary copper rod enterprises today remained the same as those on last Friday. Moreover, the current procurement purpose of secondary copper rod enterprises is solely to meet immediate daily production needs. Even if there are pending orders, they are not in a hurry to procure sufficient secondary copper raw materials.