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SMM May 7
At 11:30 today, the futures closing price was 78,170 yuan/mt, up 30 yuan/mt from the previous trading day. The average spot premiums/discounts were 260 yuan/mt, down 25 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,100-72,300 yuan/mt, up 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,621 yuan/mt, down 102 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,330 yuan/mt. According to the SMM survey, after the price difference between copper cathode rod and secondary copper rod rose above the advantageous line, coupled with the restocking demand from terminal cable enterprises after the holiday, secondary copper rod enterprises indicated that the downstream willingness to place orders was moderate. However, considering that high raw material prices severely compressed the sales profits of secondary copper rod, and the supply was tight, with limited circulation of secondary copper raw material in the market, secondary copper rod enterprises stated that they were taking orders in limited quantities daily.
(Source)