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SMM December 31
At 11:30 today, the futures closing price was 73,700 yuan/mt, down 510 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -20 yuan/mt, up 20 yuan/mt from the previous trading day. The price of secondary copper raw material dropped 400 yuan/mt MoM. The price of Guangdong bare bright copper was 68,300-68,500 yuan/mt, down 400 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 914 yuan/mt, down 65 yuan/mt MoM. The price spread between primary and secondary copper rods was 650 yuan/mt. According to the SMM survey, before the holiday, the quotations of secondary copper rod enterprises were mainly used for settlement. The inventory of secondary copper raw material could support continuous production for 3-4 days, and some enterprises suspended purchases on New Year's Day.
