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SMM, February 20
As of 11:30 today, the futures closing price was 77,330 yuan/mt, up 410 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -90 yuan/mt, up 20 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 100 yuan/mt MoM today. The price of Guangdong bare bright copper was 70,800-71,000 yuan/mt, up 100 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,814 yuan/mt, up 323 yuan/mt MoM. The price spread of secondary copper rod was 1,060 yuan/mt. According to the SMM survey, due to the continued tight supply of secondary copper raw material, some procurement managers from secondary copper rod enterprises reported that the market has seen price hikes to secure goods. Some secondary copper rod enterprises currently have moderate raw material inventory levels, ensuring normal production in the short term.
