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SMM December 20
The futures closed at 73,780 yuan/mt at 11:30 today, up 50 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 95 yuan/mt, down 10 yuan/mt MoM. The price of secondary copper raw material dropped by 200 yuan/mt MoM, while Guangdong bare bright copper was priced at 68,500-68,700 yuan/mt, down 200 yuan/mt MoM. The price difference between primary metal and scrap was 946 yuan/mt, up 252 yuan/mt MoM. The price spread between primary and secondary copper rods was 690 yuan/mt. According to the SMM survey, import traders in Zhenhai, Ningbo, indicated that as the year-end approaches, the need for capital recovery has increased, and procurement volume is expected to gradually decrease.
