Copper Prices Slightly Declined, Post-Holiday Transactions Were Moderate [SMM Secondary Copper Daily Review]

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SMM February 5

      The futures closed at 11:30 today at 75,240 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 40 yuan/mt, up 75 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. Guangdong bare bright copper was priced at 68,200-68,400 yuan/mt, also unchanged MoM from the previous trading day. The price difference between primary metal and scrap was 2,610 yuan/mt, down 95 yuan/mt MoM. The price spread between primary and secondary copper rods was 1,040 yuan/mt. According to the SMM survey, on the first trading day after the holiday, copper prices fluctuated relatively little, downstream restocking willingness was moderate, and secondary copper rod enterprises reported good performance in new orders.