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SMM June 5
At 11:30 today, the futures closing price was 78,250 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were 90 yuan/mt, down 40 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,212 yuan/mt, down 210 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,015 yuan/mt. According to the SMM survey, suppliers of secondary copper raw material have gradually received notifications from copper rod enterprises regarding the implementation of "reverse invoicing". However, suppliers have not yet adapted to the specific procedures and still require a transition period before they are willing to resume normal supply volumes of secondary copper raw material.
