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SMM February 19
The futures closed at 76,920 yuan/mt at 11:30 today, up 100 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -110 yuan/mt, down 5 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 300 yuan/mt MoM today. The price of Guangdong bare bright copper was 70,700-70,900 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,491 yuan/mt, down 224 yuan/mt MoM. The price spread of primary and secondary copper rods was 730 yuan/mt. According to the SMM survey, due to the tightening supply of domestic secondary copper raw material, the price of secondary copper raw material rose faster than copper prices today, further narrowing the price difference between primary metal and scrap. Given the current situation where the supply of secondary copper raw material is unlikely to improve in the short term, the price difference between primary metal and scrap may narrow further.
