Copper prices soar, secondary copper rod enterprises suspend purchasing secondary copper raw material [SMM Secondary Copper Daily Review]

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SMM July 1

      At 11:30 today, the futures closing price was 79,990 yuan/mt, down 10 yuan/mt from the previous trading day. The average spot premiums/discounts were 150 yuan/mt, up 20 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 73,200-73,400 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 2,161 yuan/mt, up 30 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,485 yuan/mt. According to the SMM survey, due to the afternoon's news that the US's Section 232 copper-related bill was postponed to September/October, the risk premium continued, and copper prices climbed rapidly. Secondary copper rod enterprises stopped purchasing secondary copper raw material and will resume procurement after copper prices stabilize.