Delayed Return of Workers to Dismantling Plants Causes Short-Term Tight Supply of Secondary Copper Raw Material [SMM Secondary Copper Daily Review]

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SMM February 14

      The futures closed at 77,910 yuan/mt at 11:30 today, up 770 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 25 yuan/mt, up 25 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 200 yuan/mt MoM today. The price of Guangdong bare bright copper was 70,500-70,700 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,829 yuan/mt, up 583 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,355 yuan/mt. According to the SMM survey, due to the delayed return of workers at secondary copper raw material yards, dismantling plant workers generally returned to work later this year. Feedback from the yards indicated that workers would gradually return starting next week, and the procurement volume at the yards would rebound.