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SMM, June 3
At 11:30 today, the futures closing price was 78,030 yuan/mt, down 70 yuan/mt from the previous trading day. The average spot premiums/discounts were 220 yuan/mt, up 50 yuan/mt from the previous trading day. Today, the price of secondary copper raw materials fell by 200 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,200-72,400 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,335 yuan/mt, up 193 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,080 yuan/mt. According to the SMM survey, copper prices pulled back rapidly during the midday session. Secondary copper rod enterprises reported that it was expected for suppliers to refuse to budge on prices or suspend shipments. Currently, copper prices have been trading sideways for an extended period. Many secondary copper rod enterprises believe that the temporary reconciliation in Sino-US trade relations does not represent long-term stability. Policy uncertainties have led secondary copper rod enterprises to be mainly bearish on copper prices in the future market.
(Source)