End-use consumption briefly adopts a wait-and-see attitude; sentiment for raw material procurement is weak among copper rod enterprises [SMM Daily Review of Secondary Copper]

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July 16, SMM

      At 11:30 today, the futures closing price was 78,030 yuan/mt, down 280 yuan/mt from the previous trading day. The average spot premiums/discounts were 95 yuan/mt, down 40 yuan/mt from the previous trading day. Today, the price of recycled copper raw materials remained unchanged MoM. The price of bare bright copper in Guangdong was 72,600-72,800 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 785 yuan/mt, up 240 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 520 yuan/mt. According to the SMM survey, copper prices continued to consolidate at low levels. During the quotation period for recycled copper raw materials, as futures prices rose nearly 300 yuan/mt from yesterday, many recycled copper raw material traders raised their selling prices by 100 yuan/mt. However, copper rod enterprises maintained their quotes unchanged. Additionally, the decline in copper prices weakened the consumption demand for secondary copper rod, and copper rod enterprises were unwilling to accept high-priced supplies in the market.