Overseas Supply Tightens, Coefficient Quotations Remain Firm [SMM Secondary Copper Daily Review]

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SMM January 10

      As of 11:30 today, the futures closing price was 75,270 yuan/mt, up 440 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 170 yuan/mt, up 25 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 300 yuan/mt MoM. The price of Guangdong bare bright copper was 68,600-68,800 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,355 yuan/mt, up 146 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,605 yuan/mt. According to the SMM survey, import traders in Zhenhai, Ningbo, indicated that recent quotes for European secondary copper raw material coefficients have not pulled back despite the rise in copper prices, mainly due to tight supply. After the US suspended procurement, attention has shifted to Europe or the Middle East, prompting local suppliers to stand firm on quotes.