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SMM June 24
At 11:30 today, the futures closing price was 78,400 yuan/mt, up 130 yuan/mt from the previous trading day. The average spot premiums/discounts were 40 yuan/mt, down 50 yuan/mt from the previous trading day. Today, the price of secondary copper raw materials remained unchanged MoM. The price of bare bright copper in Guangdong was 72,600-72,800 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,100 yuan/mt, up 80 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,000 yuan/mt. According to the SMM survey, many secondary copper rod enterprises currently report that due to the price difference between copper cathode and copper scrap, and the price difference between copper cathode rod and secondary copper rod being near the equilibrium line, coupled with the traditional off-season for terminals, orders for secondary copper rod enterprises are insufficient. Secondary copper rod enterprises are suffering losses from finished product sales due to high raw material prices, and the process of policy implementation has left enterprises temporarily unadapted, resulting in generally weak production willingness among enterprises.
(Source)