Secondary Copper Rod Enterprises Fully Resume Operations, Progress in South-West China Is Faster [SMM Secondary Copper Daily Review]

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SMM February 10

      Today at 11:30, the futures closing price was 77,000 yuan/mt, up 40 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -5 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 600 yuan/mt MoM. The price of Guangdong bare bright copper was 70,100-70,300 yuan/mt, up 600 yuan/mt MoM. The price difference between primary metal and scrap was 2,314 yuan/mt, down 593 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,265 yuan/mt. According to the SMM survey, most secondary copper rod enterprises in various regions have resumed normal production and sales. Regionally, the shipments of secondary copper rod enterprises in south-west China were significantly higher than in other regions, mainly because the operating rate of wire and cable enterprises in south-west China has recovered to about 70%, higher than in other regions. It is expected that after the Lantern Festival, the secondary copper industry chain will return to normal operating progress.