Christmas Holiday: Imported Traders Reported Few Transactions [SMM Secondary Copper Daily Review]

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SMM December 27

       The futures closed at 74,200 yuan/mt at 11:30 today, down 20 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -30 yuan/mt, down 55 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 872 yuan/mt, down 75 yuan/mt MoM. The price spread of primary and secondary copper rods was 785 yuan/mt. According to the SMM survey, Ningbo import traders indicated that as the year-end approaches, orders were mainly driven by pre-holiday stockpiling. Overseas quotations were relatively conservative. Due to the Christmas holiday overseas this week, there were barely any sell offers, resulting in average transaction performance.