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SMM, March 7
As of 11:30 today, the futures closing price was 78,540 yuan/mt, up 180 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -5 yuan/mt, up 10 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 300 yuan/mt MoM today. Guangdong bare bright copper prices were 71,600-71,800 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,258 yuan/mt, down 139 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,505 yuan/mt. According to the SMM survey, in terms of imported secondary copper raw material, some traders attempted to further lower the purchasing quotation coefficient and factored the potential tariff imposed by Chinese customs on US copper scrap into the quotation coefficient. However, as the quotations were far below the market transaction level, traders mostly suspended the procurement of US copper scrap.
