SMM, January 17:
This week, the center of copper prices continued to rise, reaching a high of 76,330 yuan/mt, with a final increase of 900 yuan/mt. As of January 16, the weekly average price of Guangdong bare bright copper was 69,000 yuan/mt, up 300 yuan/mt. Many enterprises have gradually started their holiday breaks before the Chinese New Year. Secondary copper raw material suppliers chose to close deals whenever prices were favorable. Many logistics fleets are expected to begin their holiday breaks next week, prompting suppliers to expedite order deliveries. This week, the raw material inventory of sampled secondary copper rod enterprises was 4,480 mt, down 300 mt WoW from 4,750 mt. Secondary copper rod enterprises do not plan to stock up raw materials before the Chinese New Year this year. Policy implementation varies across regions, and secondary copper raw material prices remain in a chaotic state. Concerned about potential losses caused by price fluctuations, most secondary copper rod enterprises aim to process the majority of their secondary copper raw materials into finished products before the holiday.
This week, the CIF quotation for #1 copper scrap was COMEX 3M copper contract price minus 35-40¢/lb, while the CIF quotation for #2 copper scrap was COMEX 3M copper contract price minus 45-50¢/lb. The CIF quotation for US brass scrap had an LME coefficient of 67-67.5%, with a fixed price of $6,050-6,100/mt (limited transactions). The CIF quotation for non-US Cu98.5% wire nodules had an LME coefficient of 96.25-96.5%, and the CIF quotation for non-US bare bright copper had an LME coefficient of 98.5-99% LME.
Looking ahead to next week, secondary copper raw material yards and traders plan to stop purchases after Xiaonian (January 22-23) and begin the Chinese New Year holiday around January 25.
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