Copper Prices Fluctuate and Pull Back, Overseas Suppliers Maintain Quotations Unchanged [SMM Daily Review of Secondary Copper]

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SMM June 20

      At 11:30 today, the futures closing price was 78,140 yuan/mt, down 370 yuan/mt from the previous trading day. The average spot premiums/discounts were 120 yuan/mt, down 25 yuan/mt from the previous trading day. Today, the price of secondary copper raw material fell by 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,600-72,800 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 920 yuan/mt, down 182 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 875 yuan/mt. According to the SMM survey, importers of secondary copper raw material in Ningbo, Zhejiang, reported that although overseas copper prices fluctuated and pulled back during the week, the quotes from European suppliers of secondary copper raw material did not change significantly. As the coefficient for bare bright copper is currently quoted at 99.3%-99.5% of the LME0-3 contract, the coefficient cannot be raised further even if copper prices pull back.