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SMM February 17
As of 11:30 today, the futures closing price was 77,090 yuan/mt, down 820 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 120 yuan/mt, up 95 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 200 yuan/mt MoM today. The price of Guangdong bare bright copper was 70,700-70,900 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,891 yuan/mt, down 938 yuan/mt MoM. The price spread between primary and secondary copper rods was 775 yuan/mt. According to the SMM survey, the discount of secondary copper rod against copper futures narrowed significantly compared to last Friday. Communication with secondary copper rod enterprises revealed that most of the supply in the market is currently controlled by traders. Due to end-user enterprises' pessimistic sentiment towards consumption, stockpiling before the Chinese New Year was low. Post-holiday, high copper prices have also suppressed restocking sentiment. At present, end-users have largely resumed normal production and must procure raw materials. Therefore, with limited market supply, secondary copper rod plants have chosen to stand firm on quotes when selling.
