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SMM July 2
At 11:30 today, the futures closing price was 80,990 yuan/mt, up 910 yuan/mt from the previous trading day. The average spot premiums/discounts were 120 yuan/mt, down 80 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose by 600 yuan/mt MoM. The price of bare bright copper in Guangdong was 73,800-74,000 yuan/mt, up 700 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 2,403 yuan/mt, up 242 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,605 yuan/mt. According to the SMM survey, as copper prices rose again, secondary copper rod enterprises continuously raised their purchase prices after offering quotes in the morning session. However, from the perspective of enterprise purchases, the higher copper prices rose, the stronger the bullish sentiment among suppliers of secondary copper raw material became, leading to a decrease in shipments. Secondary copper rod enterprises reported that it was extremely difficult to make purchases today.
(Source)