SMM

[SMM Analysis: Insufficient Supply of Secondary Copper Raw Material, Narrowed Price Difference Between Primary Metal and Scrap] The average price difference between primary metal and scrap (including tax) during the week was 1,727 yuan/mt, narrowing by 468 yuan/mt from last week's 2,195 yuan/mt. This week, copper prices quickly rebounded after pulling back from highs, while the price of bare bright copper in Guangdong remained stable at 70,800-71,000 yuan/mt. The reason suppliers of secondary copper raw material stood firm on quotes was that most secondary copper rod enterprises nationwide fully resumed production during the week, leading to a rapid increase in raw material procurement demand...