Consumption Falls Short of Expectations as Northern Secondary Copper Raw Material Suppliers Offload to Reduce Inventory [SMM Secondary Copper Daily Review]

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SMM December 30

       The futures closed at 74,210 yuan/mt at 11:30 today, up 10 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -40 yuan/mt, down 10 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 100 yuan/mt MoM today. The price of bare bright copper in Guangdong was 68,700-68,900 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 979 yuan/mt, up 107 yuan/mt MoM. The price spread of rods made from primary and secondary copper was 835 yuan/mt. According to the SMM survey, the price reduction of secondary copper raw material in north China was slightly larger than in south China. Due to weaker-than-expected consumption and increasing concerns among suppliers about the impact of policies on prices, leading to unnecessary losses, some suppliers have started offloading inventory. Ahead of the year-end, there is an intention to reduce secondary copper raw material inventory.