Overseas supply shows little sign of improvement, and the quotation coefficient remains firm [SMM Secondary Copper Daily Review]

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July 4, SMM

      At 11:30 today, the futures closing price was 80,420 yuan/mt, down 490 yuan/mt from the previous trading day. The average spot premiums/discounts were 115 yuan/mt, unchanged 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 74,000-74,200 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,705 yuan/mt, down 277 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,320 yuan/mt. According to the SMM survey, overseas copper prices pulled back. However, overseas traders of secondary copper raw material imports indicated that the overseas quotation coefficient remained unchanged. Unless the supply volume from overseas suppliers significantly increases, it is unlikely that the quotation coefficient will be adjusted downward.