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SMM May 26
At 11:30 today, the futures closing price was 78,240 yuan/mt, up 410 yuan/mt from the previous trading day. The average spot premiums/discounts were 185 yuan/mt, up 20 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose by 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,700-72,900 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 968 yuan/mt, up 101 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,115 yuan/mt. According to the SMM survey, copper prices jumped initially and then pulled back. Many secondary copper rod enterprises were mainly bearish on subsequent copper prices and were conservative in their quotes for copper scrap during the day, resulting in mediocre raw material transactions.
