Daily LME Base Metals Inventory Changes (Jan 24)

[SMM Henan Copper Cathode Flash] Today, the average spot price of copper cathode in Henan was reported at a discount of 295 yuan/mt. According to SMM, downstream copper processing enterprises in Henan gradually resumed work and production after the holiday, just-in-time procurement gradually started, and the market trading sentiment improved significantly compared with the previous period, with overall transaction activity rebounding.

[SMM North China Copper Cathode Spot Market] Demand in the North China copper cathode market improved, and spot premiums rebounded. On the one hand, as copper prices pulled back, consumption recovered; on the other hand, secondary copper processing enterprises saw weak operating rates. As enterprises resumed production after the holiday, operating rates at North China copper cathode rod enterprises rose.

【SMM Copper Cathode Rod Flash Update】Orders for copper cathode rod at enterprises that have resumed operations have generally increased significantly, mainly supported by three factors: first, spot copper cathode rod supply is relatively tight; second, operating rates at secondary copper rod enterprises are relatively weak, and with the price difference between copper cathode and copper scrap at a relatively low level, the substitution effect between copper cathode and copper scrap has weakened; third, downstream wire and cable enterprises have an urgent need to pick up goods, and concentrated restocking has boosted demand for copper cathode rod.