COMEX Prices Rose All the Way, Secondary Copper Raw Material Traders Switched to LME Contract Quotations [SMM Secondary Copper Daily Review]

Published: Jan 17, 2025 23:57 (GMT+8)

Save

》View SMM Copper Quotes, Data, and Market Analysis

》Subscribe to View Historical Price Trends of SMM Metal Spot

SMM January 17

The futures closed at 76,390 yuan/mt at 11:30 today, up 460 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 85 yuan/mt, down 5 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. The price of Guangdong bare bright copper was 68,900-69,100 yuan/mt, also unchanged MoM from the previous trading day. The price difference between primary metal and scrap was 3,071 yuan/mt, up 475 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,795 yuan/mt. According to the SMM survey, due to the continuous rise in COMEX contract prices, the price spread between COMEX and LME contracts has widened to a historical high. Many import traders indicated that most US market quotations this week have shifted to the LME coefficient quotation format. The specific timing for reverting to the original COMEX contract price minus will depend on the narrowing of the price spread.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

23 hours ago

Peru sees 1 million t/y copper output boost within five to six years

Peru's Energy and Mines Minister Guillermo Shinno said the country expects to add about 1 million tonnes of annual copper production within five to six years through new mining projects. The world's third-largest copper producer anticipates 2026 output of 2.5 to 2.7 million tonnes, roughly unchanged from 2023 as declining ore grades and recurring social conflicts weigh on supply. The newly elected government is seeking to reverse that stagnation by cutting red tape; in the two months since taking office, mining companies have stepped up engagement with the ministry. Shinno said officials have identified 27 permits that could be eliminated from roughly 100 mining-sector requirements, without lowering environmenta

23 hours ago

Sep 25, 2026 20:26 (GMT+8)

India copper producers seek GST cut as record prices raise working-capital burden

Indian copper producers are seeking a GST cut to 5% from 18%, citing rising working-capital requirements amid record-high copper prices.

Sep 25, 2026 20:26 (GMT+8)

Sep 25, 2026 16:43 (GMT+8)

Sulphuric Acid Shortage Emerges as a Constraint on Zambia’s Copper Growth

Zambia’s sulphuric acid shortage is becoming a growing constraint on copper production and refining. Jubilee Metals reported acid costs rising by more than 200% in Q4 FY2026, while Sable cathode output fell to 250 t from 361 t in Q3. Government data also showed small-scale copper production down 35.2% YoY in H1 2026, highlighting the sector’s exposure to tight acid availability and higher processing costs.

Sep 25, 2026 16:43 (GMT+8)