Copper prices slow down in decline, and copper rod enterprises remain cautious in raw material procurement [SMM Secondary Copper Daily Review]

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SMM July 10

      At 11:30 today, the futures closing price was 78,640 yuan/mt, down 300 yuan/mt from the previous trading day. The average spot premiums/discounts were 15 yuan/mt, down 55 yuan/mt from the previous trading day. Today, the price of secondary copper raw material decreased by 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 73,000-73,200 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 889 yuan/mt, down 142 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 650 yuan/mt. According to the SMM survey, copper prices continued to decline today. Many suppliers of secondary copper raw material actively contacted secondary copper rod enterprises to sell secondary copper raw material. However, given the current uncertainty surrounding overseas macro factors, many secondary copper rod enterprises have suspended their raw material procurement and will resume procurement once copper prices stabilize.