SMM

As of Friday June 16, the weekly average price of bare bright copper (excluding tax) rose by 760 yuan/mt from a week earlier. Copper scrap traders sold at highs, growing supply of copper scrap last week. The consumption of copper rod produced with copper scrap continued to weaken after copper prices soared. Therefore, copper rod plants using copper scrap as raw materials adjusted procurement pace, weakening demand for copper scrap last week.