Copper Prices Show Significant Increase Compared to Pre-Holiday Levels; Secondary Copper Raw Material Suppliers Sell on Highs [SMM Secondary Copper Daily Review]

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SMM February 11

      Today at 11:30, the futures closing price was 76,980 yuan/mt, down 20 yuan/mt from the previous trading day. The average spot premiums/discounts were 0 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM. The price of Guangdong bare bright copper was 70,100-70,300 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,299 yuan/mt, down 15 yuan/mt MoM. The price spread between primary copper and secondary copper rod was 1,200 yuan/mt. According to the SMM survey, copper prices increased by 2,000 yuan/mt after the holiday. Many secondary copper rod enterprises reported relatively small procurement difficulties, while suppliers, concerned about potential price drops in subsequent inventories, were willing to sell more.