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SMM January 14
The futures closing price at 11:30 today was 75,390 yuan/mt, down 60 yuan/mt from the previous trading day. The average spot premiums/discounts were 125 yuan/mt, down 40 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 2,430 yuan/mt, down 100 yuan/mt MoM. The price difference between primary and secondary copper rods was 1,580 yuan/mt. According to the SMM survey, secondary copper rod enterprises currently adopt three types of procurement pricing with suppliers: tax-exclusive, "reverse invoicing," and tax-inclusive. Since the center of copper prices has risen, secondary copper rod enterprises reported difficulties in pressing down purchase prices. They do not plan to stockpile excessive raw material inventory before the Chinese New Year and aim to convert all materials into finished products as much as possible.
