End-User Stockpiling Sentiment Remains Lukewarm; Secondary Copper Rod Sales Are Average [SMM Secondary Copper Daily Review]

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SMM December 25

       The futures closed at 74,080 yuan/mt at 11:30 today, up 170 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 75 yuan/mt, down 10 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. The price of Guangdong bare bright copper was 68,800-69,000 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 857 yuan/mt, up 160 yuan/mt MoM. The price spread between primary and secondary copper rods was 770 yuan/mt. According to the SMM survey, the price spread between primary and secondary copper rods slightly widened today, but the sales of secondary copper rods were mediocre. Many sales managers of secondary copper rod enterprises indicated that due to the consistently low price spread between primary and secondary copper rods, end-user wire and cable enterprises only maintained just-in-time procurement. Additionally, some end-user enterprises stated that they would stop placing new orders after the New Year. Currently, raw material inventory is sufficient to meet the production of orders on hand, resulting in flat trading of secondary copper rods today.