Social Inventory of Secondary Copper Raw Material Remains Low, Overall Trading Volume Limited [SMM Secondary Copper Daily Review]

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SMM January 6

      The futures closed at 73,760 yuan/mt at 11:30 today, up 810 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 125 yuan/mt, up 40 yuan/mt from the previous trading day. The price of secondary copper raw material rose 400 yuan/mt MoM today. The price of Guangdong bare bright copper was 67,900-68,100 yuan/mt, up 400 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,545 yuan/mt, up 425 yuan/mt MoM. The price spread between primary and secondary copper rods was 495 yuan/mt. According to the SMM survey, although copper prices rebounded and the price difference between primary metal and scrap widened, the inventory of secondary copper raw material held by suppliers remained low, and shipments did not increase significantly. Recently, transactions of secondary copper raw material have been sluggish.