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SMM May 23
At 11:30 today, the futures closing price was 77,830 yuan/mt, down 150 yuan/mt from the previous trading day. The average spot premiums/discounts were 165 yuan/mt, up 30 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 72,400-72,600 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 867 yuan/mt, down 120 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 945 yuan/mt. According to the SMM survey, an importer of secondary copper raw material in Ningbo said that the supply of secondary raw materials increased slightly this week. As LME copper prices pulled back below 9,600 yuan/mt during the week, many suppliers were concerned about the expansion of losses due to price declines, so they slightly increased their shipments this week. In addition, regarding the entry of US copper scrap into China through transshipment or exchange, traders said they had not heard any related news for the time being. It is expected that the import data of secondary copper raw material from the US will show a significant pullback starting from the May data.
