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SMM March 20
The futures closing price today at 11:30 was 81,510 yuan/mt, up 810 yuan/mt from the previous trading day. The average spot premiums and discounts were 0 yuan/mt, down 20 yuan/mt from the previous trading day. The price of secondary copper raw material rose 700 yuan/mt MoM. The price of bare bright copper in Guangdong was 74,000-74,200 yuan/mt, up 700 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,680 yuan/mt, up 50 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,075 yuan/mt. According to the SMM survey, secondary copper rod enterprises reported that traders continued to pick up goods as usual. Additionally, with the price difference between copper cathode rod and secondary copper rod exceeding 2,000 yuan/mt, it stimulated some procurement sentiment among end-user wire and cable enterprises. However, the order volumes were relatively small, mainly driven by just-in-time procurement.
