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SMM January 24
The futures closed at 74,900 yuan/mt at 11:30 today, down 550 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -35 yuan/mt, down 30 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. The price of Guangdong bare bright copper was 68,400-68,600 yuan/mt, unchanged MoM from the previous trading day. The price difference between primary metal and scrap was 2,543 yuan/mt, down 250 yuan/mt MoM. The price spread between primary and secondary copper rods was 715 yuan/mt. According to the SMM survey, traders and secondary copper rod enterprises have fully suspended operations to celebrate the Chinese New Year.
