Copper prices retreat, sales of secondary copper rod sluggish [SMM Daily Review of Secondary Copper]

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SMM July 9

      At 11:30 today, the futures closing price was 78,940 yuan/mt, down 810 yuan/mt from the previous trading day. The average spot premiums/discounts were 70 yuan/mt, down 15 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 73,200-73,400 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,031 yuan/mt, down 613 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 865 yuan/mt. According to the SMM survey, copper prices initially showed a significant pullback due to Trump's imposition of a 50% tariff on copper imports. However, domestic suppliers of secondary copper raw material still chose to refuse to budge on prices when shipping. Many secondary copper rod enterprises indicated that today, downstream customers mainly inquired about prices, with few actual transactions. Therefore, they were not in a hurry to purchase secondary copper raw material to ensure production during the day.