Copper prices fluctuated rangebound during the day, and trading of secondary copper raw material was moderate [SMM Daily Review of Secondary Copper]

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SMM July 8

      At 11:30 today, the futures closing price was 79,750 yuan/mt, up 40 yuan/mt from the previous trading day. The average spot premiums/discounts were 85 yuan/mt, down 10 yuan/mt from the previous trading day. Today, the price of secondary copper raw material decreased by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 73,400-73,500 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,644 yuan/mt, up 137 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,060 yuan/mt. According to the SMM survey, the copper price fluctuated slightly during the day, and the purchase willingness of secondary copper rod enterprises was weak. Many scrap yards reported that the procurement volume of secondary copper rod was about 1-2 trucks today, with overall transactions being average.