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SMM January 16
The futures closed at 75,910 yuan/mt at 11:30 today, down 630 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 90 yuan/mt, up 30 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 300 yuan/mt MoM today. The price of Guangdong bare bright copper was 68,900-69,100 yuan/mt, up 300 yuan/mt MoM from the previous trading day. The price difference between primary metal and scrap was 2,596 yuan/mt, up 346 yuan/mt MoM. The price spread between primary and secondary copper rods was 1,620 yuan/mt. According to the SMM survey, many secondary copper rod enterprises have already started their holidays, while some that are still in production have received a significant number of orders, with orders on hand estimated at around 1,000 mt. These enterprises are operating at full capacity to complete deliveries before the holiday.
