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SMM, April 28
At 11:30 today, the futures closing price was 78,050 yuan/mt, down 580 yuan/mt from the previous trading day. The average spot premiums/discounts were 180 yuan/mt, unchanged from the previous trading day. Today, the price of secondary copper raw material decreased by 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 71,600-71,800 yuan/mt, down 300 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,373 yuan/mt, down 261 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 900 yuan/mt. According to the SMM survey, due to the initial signs of weakness in copper price growth, if copper prices remain unchanged in the next two trading days, holders of secondary copper raw material may cease selling. Meanwhile, as secondary copper rod enterprises have insufficient raw material stockpiling before the long holiday, most enterprises may take a 2-3 day break.
