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SMM, March 14
As of 11:30 today, the futures closing price was 79,970 yuan/mt, down 570 yuan/mt from the previous trading day. The average spot premiums/discounts were 20 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 200 yuan/mt MoM. The price of Guangdong bare bright copper was 72,900-73,100 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,330 yuan/mt, up 362 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,510 yuan/mt. According to the SMM survey, although copper prices have risen by nearly 2,000 yuan/mt, suppliers of secondary copper raw material generally hold a bullish outlook on future copper prices and have chosen to control shipments, waiting for copper prices to rise further before increasing shipments significantly.
