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SMM January 3
The futures closing price at 11:30 today was 72,950 yuan/mt, down 430 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 85 yuan/mt, down 10 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 200 yuan/mt MoM. The price of Guangdong bare bright copper was 67,500-67,700 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,120 yuan/mt, down 227 yuan/mt MoM. The price spread between primary and secondary copper rods was 495 yuan/mt. According to the SMM survey, secondary copper raw material traders indicated that they would continue to purchase secondary copper raw materials overseas in the near term, considering that shipments would arrive after the Chinese New Year, avoiding concerns about reduced efficiency in capital utilization due to arrivals during the holiday. Additionally, domestic scrap utilisation enterprises faced financial constraints at year-end, and with lower purchase quotes, suppliers were reluctant to sell excessive amounts of secondary copper raw materials.
