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SMM March 18
As of 11:30 today, the futures closing price was 80,340 yuan/mt, up 540 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 25 yuan/mt, down 10 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 73,200-73,400 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,386 yuan/mt, up 211 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,735 yuan/mt. According to the SMM survey, copper prices remained above 80,000 yuan/mt. Secondary copper rod enterprises indicated that this has to some extent suppressed the purchasing sentiment of end-user wire and cable enterprises. Meanwhile, the high and fluctuating copper prices have kept the arbitrage space for traders unchanged, resulting in lackluster transactions of secondary copper rods today.
