Copper Prices Remained High Before the Holiday, and Inventories of Imported Copper Scrap Traders Were Slightly Lower Than in Previous Years [SMM Secondary Copper Daily Review]

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SMM January 22

      The futures closed at 75,450 yuan/mt at 11:30 today, down 220 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -35 yuan/mt, down 30 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 68,400-68,600 yuan/mt, also unchanged MoM from the previous trading day. The price difference between primary metal and scrap was 2,543 yuan/mt, down 250 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,075 yuan/mt. According to the SMM survey, copper scrap import traders in Zhenhai, Ningbo, reported that pre-holiday inventory was slightly lower than in previous years. Additionally, downstream sectors have mostly started their holidays, and after logistics services halt, traders in the Zhenhai industrial park will also gradually begin their holidays.