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SMM May 22
At 11:30 today, the futures closing price was 77,980 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were 135 yuan/mt, down 140 yuan/mt from the previous trading day. Today, the price of secondary copper raw material decreased by 100 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 987 yuan/mt, down 204 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,015 yuan/mt. According to the SMM survey, due to high raw material prices, secondary copper rod enterprises have not purchased excessive amounts of secondary copper raw material, only ensuring sufficient supply for daily production needs.
(Source)