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SMM January 9
As of 11:30 today, the futures closing price was 74,830 yuan/mt, up 510 yuan/mt from the previous trading day. The average spot premiums/discounts were 145 yuan/mt, up 25 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 100 yuan/mt MoM. The price of Guangdong bare bright copper was 68,300-68,500 yuan/mt, up 100 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,209 yuan/mt, up 429 yuan/mt MoM. The price spread between primary and secondary copper rods was 1,340 yuan/mt. According to the SMM survey, the price difference between primary metal and scrap, as well as the price spread between primary and secondary copper rods, continued to widen. Although demand was insufficient due to wire and cable enterprises starting their holidays early, many traders actively picked up goods as the arbitrage space expanded. It is expected that after copper prices pull back before the Chinese New Year, the processing fee spread for secondary copper rods can be profited from.
