Regional Differences in Policy Implementation; Enterprises Still Need Time to Adjust Procurement Strategies [SMM Secondary Copper Daily Review]

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SMM February 12

      Today's futures closing price at 11:30 was 76,600 yuan/mt, down 380 yuan/mt from the previous trading day. The average spot premiums/discounts remained at 0 yuan/mt, unchanged from the previous trading day. Today's secondary copper raw material prices remained unchanged MoM. Guangdong bare bright copper prices were 70,100-70,300 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 1,919 yuan/mt, down 380 yuan/mt MoM. The price spread of primary and secondary copper rods was 920 yuan/mt. According to the SMM survey, the implementation of "reverse invoicing" policies still varies across regions, causing enterprises in provinces with stricter enforcement to be unable to procure secondary copper raw materials normally. It will take some time for adjustments before normal production can resume in the short term.