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SMM April 24
Today’s futures closing price at 11:30 was 77,850 yuan/mt, down 110 yuan/mt from the previous trading day. The average spot premiums/discounts were 175 yuan/mt, down 10 yuan/mt from the previous trading day. Today’s secondary copper raw material price remained unchanged MoM. The price of bare bright copper in Guangdong was 71,800-72,000 yuan/mt, unchanged MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,536 yuan/mt, down 120 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,025 yuan/mt. According to the SMM survey, after the rebound in copper prices, secondary copper rod enterprises generally reported an improvement in raw material procurement volume. The current inventory and in-transit secondary copper raw materials are sufficient to ensure normal production until the Labour Day holiday. Most enterprises have not yet prepared for long-term raw material stocking for the holiday.
(Source)