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SMM, February 24
As of 11:30 today, the futures closing price was 77,250 yuan/mt, unchanged from the previous trading day. The average spot premiums/discounts stood at -105 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 200 yuan/mt MoM. The price of Guangdong bare bright copper ranged from 70,700-70,900 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,613 yuan/mt, up 200 yuan/mt MoM. The price spread between primary and secondary copper rods was 965 yuan/mt. According to an SMM survey, a customs clearance company in Ningbo reported receiving a small number of orders for secondary copper raw material imported from the US recently. Following the exclusion of secondary copper raw material from China's first round of countermeasures against US imports, importers have begun small-scale imports, with the possibility of increasing procurement volumes of US secondary copper raw material in the future.
