The Stockpiling Sentiment of Secondary Copper Rod Enterprises Is Not High, and the Price Increase of Secondary Copper Raw Materials Is Limited [SMM Secondary Copper Daily Review]

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SMM January 13

      The futures closing price at 11:30 today was 75,450 yuan/mt, up 180 yuan/mt from the previous trading day. The average spot premiums/discounts were 165 yuan/mt, down 5 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. The price of Guangdong bare bright copper was 68,600-68,800 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,530 yuan/mt, up 175 yuan/mt MoM. The price spread between primary and secondary copper rods was 1,680 yuan/mt. According to the SMM survey, the price difference between primary metal and scrap continued to widen. The domestic secondary copper raw material prices saw limited increases. Due to insufficient demand from secondary copper rod enterprises and limited post-holiday shipment orders, these enterprises were reluctant to stockpile excessive secondary copper raw material inventory for the holiday, resulting in relatively low quotations.