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SMM May 30
At 11:30 today, the futures closing price was 78,100 yuan/mt, down 150 yuan/mt from the previous trading day. The average spot premiums/discounts were 170 yuan/mt, up 20 yuan/mt from the previous trading day. Today, the price of secondary copper raw material dropped 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, down 300 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,142 yuan/mt, up 189 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,115 yuan/mt. According to the SMM survey, secondary copper raw material import traders indicated that COMEX copper prices pulled back this week, so the absolute value of the discount for secondary copper raw material in the US decreased. However, LME copper prices only dropped slightly, so the discount coefficient quoted by local suppliers did not change. In Europe, the local supply of secondary copper raw material remained tight this week, so prices did not pull back.
