Social Inventory of Secondary Copper Raw Material Remains Low, Increasing Procurement Difficulty for Secondary Copper Rod Enterprises [SMM Secondary Copper Daily Review]

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SMM February 26

      Today's futures closing price at 11:30 was 76,880 yuan/mt, down 180 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -135 yuan/mt, down 15 yuan/mt from the previous trading day. Today's secondary copper raw material prices remained unchanged MoM. Guangdong bare bright copper prices were 70,600-70,800 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 1,532 yuan/mt, down 195 yuan/mt MoM. The price spread between primary and secondary copper rods was 770 yuan/mt. According to the SMM survey, secondary copper rod enterprises reported that the tight supply of secondary copper raw materials this week has not improved. Due to the continuous rise in copper prices before and after the Chinese New Year, many secondary copper raw material warehouses actively sold off their inventory, resulting in low social inventory levels of secondary copper raw materials. Coupled with copper prices pulling back and maintaining a fluctuating trend, this has dampened suppliers' enthusiasm for selling.