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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.
