End-Use Consumption Weakens; Sentiment for Secondary Copper Rod Stockpiling Before the Year-End Remains Moderate [SMM Secondary Copper Daily Review]

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SMM January 15

      Today's futures closing price at 11:30 was 75,280 yuan/mt, down 110 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 60 yuan/mt, down 65 yuan/mt from the previous trading day. Today's secondary copper raw material prices remained unchanged MoM. Guangdong bare bright copper prices were 68,600-68,800 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,250 yuan/mt, down 180 yuan/mt MoM. The price difference between primary metal and secondary copper rod was 1,510 yuan/mt. According to the SMM survey, although copper prices pulled back, many secondary copper rod plants reported receiving a small number of orders from end-user wire and cable factories this week. Secondary copper enterprises currently plan to start the Chinese New Year holiday after the Little New Year, focusing on completing inventory orders before the holiday. At present, there are no plans to produce finished product inventories.