SMM

According to SMM data, from November 25 to November 29, the weekly average price of 1# copper cathode was 73,979 yuan/mt, down 0.34% WoW; the weekly average price of bare bright copper in East China Nonferrous Metal City was 68,700 yuan/mt, down 0.17% WoW; the weekly average price of baled copper cable scrap (Cu＞99.5%) was 68,900 yuan/mt, down 0.17% WoW.

According to SMM data, the copper price center this week showed little change compared to last week. Secondary copper traders in Linyi Metal City reported that the procurement volume of secondary copper did not show significant changes compared to last week. However, the supply of secondary copper in the market is showing a trend of further tightening. SMM understands that due to concerns about potential increases in import tariffs, the purchase willingness of secondary copper traders in Ningbo has significantly decreased recently. The market expects that the supply of secondary copper from overseas will gradually decrease. Relying solely on domestic secondary copper supply, the market's undersupply situation will further intensify. From the demand side, secondary copper traders in Linyi indicated that secondary copper rod plants were highly active in procurement this week and were somewhat willing to accept high-priced transactions.

Looking ahead, SMM expects the throughput of secondary copper in Linyi Metal City to decrease next week. Although copper prices are currently stable, market concerns about macro sentiment instability suggest a potential further decline in copper prices. Coupled with the overall tight supply of secondary copper, it is expected that suppliers will hold back cargoes more aggressively, leading to a reduction in the procurement volume of secondary copper by traders in Linyi Metal City. Due to the undersupply of secondary copper, further tightening of secondary copper supply will directly result in a decrease in market trade volume. Therefore, the throughput of secondary copper in Linyi Metal City is expected to show a downward trend.