Chinese New Year Is Approaching, Scrap Utilisation Enterprises Begin to Take Holidays [SMM Secondary Copper Daily Review]

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SMM January 20

      The futures closed at 75,400 yuan/mt at 11:30 today, down 990 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 65 yuan/mt, down 20 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 500 yuan/mt MoM today. The price of Guangdong bare bright copper was 68,400-68,600 yuan/mt, down 500 yuan/mt MoM from the previous trading day. The price difference between primary metal and scrap was 2,593 yuan/mt, down 478 yuan/mt MoM. The price spread between primary metal, scrap, and rod was 1,230 yuan/mt. According to the SMM survey, some secondary copper raw material yards and secondary copper rod plants have started their holidays today. Many secondary copper rod enterprises indicated that they do not plan to stockpile excessive secondary copper raw material inventory before the Chinese New Year, fearing that policies may affect raw material prices.