Đảo hạn hợp đồng làm gián đoạn nhu cầu yếu kéo dài; Giữ giá vững và hạn chế bán ra làm tăng chênh lệch giá giao ngay [Đánh giá hàng tuần giá đồng cathode giao ngay Bắc Trung Quốc của SMM]

[SMM Brass Billet Flash] This week (7.10-7.16), the weekly operating rate of SMM brass billet producers was 49.61%, down 0.35 percentage points WoW, with industry production remaining at a low operating level. Currently, the tight supply of recycled brass raw materials continues to be hard to ease. Raw material procurement costs stay high, and enterprises’ restocking willingness remains weak. The raw material inventory days of sample enterprises remained at 3.7 days. Tight raw material turnover continues to constrain production flexibility. This week, brass billet production edged down WoW.

[SMM Analysis: Surge in Copper Prices Drives Widening Price Difference Between Copper Cathode and Copper Scrap; Supply Side Holds Prices Firm Amidst Declines + Arbitrage-Driven Purchases Dominate Transactions] The most-traded SHFE copper contract surged to 105,020 yuan/mt mid-week, rising nearly 2,000 yuan/mt from the beginning of the week. However, as copper scrap was supported by compliance costs and suppliers held prices firm, resisting declines, its price fluctuated by less than 1,000 yuan/mt throughout the week. Consequently, the price difference between copper cathode and copper scrap widened consistently from 2,445 yuan/mt at the start of the week to 3,923 yuan/mt, a WoW increase of over 2,200 yuan/mt. This widening spread was entirely driven by the isolated rise in copper cathode prices. The inherent resilience of copper scrap against price declines was the core feature on the supply side this week......