Further reduction in overseas sources of copper scrap: Where will imported copper traders go? [SMM Daily Review of Secondary Copper]

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July 11, SMM

      At 11:30 today, the futures closing price was 78,660 yuan/mt, up 20 yuan/mt from the previous trading day. The average spot premiums/discounts were -25 yuan/mt, down 55 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 73,000-73,200 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 869 yuan/mt, down 20 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 620 yuan/mt. According to the SMM survey, importers of secondary copper raw material indicated that European supplies are currently tight with high quotes, while US supplies have had to suspend purchases due to the 10% import tariff. Starting from July this year, Uzbekistan officially announced a 100% tariff on scrap metal exports (including copper scrap). Given the current global shortage of copper scrap supply, Chinese importers need to continue exploring overseas markets to meet domestic demand for secondary copper raw material.