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Home / Metal News / Approaching the Chinese New Year Holiday, Market Transactions Sluggish [SMM Secondary Copper Raw Material Weekly Review]

Approaching the Chinese New Year Holiday, Market Transactions Sluggish [SMM Secondary Copper Raw Material Weekly Review]

iconJan 24, 2025 16:09
Source:SMM
[SMM Analysis: Approaching Chinese New Year Holiday, Market Transactions Sluggish] This week, the copper market was weak, with copper prices pulling back from a high of 76,200 yuan/mt to 74,800 yuan/mt, a decrease of 1,400 yuan/mt. The average price of Guangdong bare bright copper also dropped by 700 yuan/mt, falling to 68,300 yuan/mt. In the secondary copper market, due to the rapid rise in copper prices, many traders holding secondary copper inventories began actively selling off...
      This week, the copper market remained weak, with copper prices pulling back from a high of 76,200 yuan/mt to 74,800 yuan/mt, down 1,400 yuan/mt. The average price of Guangdong bare bright copper also dropped by 700 yuan/mt to 68,300 yuan/mt. In the secondary copper market, the rapid rise in copper prices prompted many suppliers holding secondary copper inventories to actively sell. Additionally, secondary copper raw material yards gradually entered holiday mode this week, with logistics operations suspended, causing the purchased secondary copper raw materials to be delivered only after the holiday. Due to the rise in copper prices, downstream enterprises increased their stockpiling sentiment, and the shipments of secondary copper raw material traders exceeded expectations, resulting in pre-holiday secondary copper raw material inventories being lower than the same period in previous years. This week's data showed that the raw material inventory of secondary copper rod enterprises reached 6,100 mt, up 1,600 mt WoW. Currently, domestic secondary copper raw material trade still relies on traditional sales models. However, if the government strengthens the implementation of the "reverse invoicing" policy after the holiday, this model may face challenges. Suppliers may then need to lower prices or bear part of the "reverse invoicing" costs. In response, some secondary copper rod enterprises have pre-purchased secondary copper raw materials with invoices to ensure normal operations after the holiday.         This week, the CIF quotation for #1 copper scrap was at the COMEX 3M copper contract price minus 35-40¢/lb, while the CIF quotation for #2 copper scrap was at the COMEX 3M copper contract price minus 45-50¢/lb. The CIF quotation for US brass scrap had an LME coefficient of 67-67.5%, with a fixed price of $6,050-6,100/mt (limited transactions). The CIF quotation for non-US Cu98.5% wire nodules had an LME coefficient of 96.25-96.5%, and the CIF quotation for non-US bare bright copper had an LME coefficient of 98.5-99% LME.         Next week, the market will enter the Chinese New Year holiday, and transactions are expected to become even quieter. 》Subscribe to view historical SMM metal spot prices 》Click to view the SMM copper industry chain database

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