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SMM February 28
Today at 11:30, the futures closing price was 76,770 yuan/mt, down 110 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -100 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM today. The price of Guangdong bare bright copper was 70,500-70,700 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 1,564 yuan/mt, down 105 yuan/mt MoM. The price spread of rods made from primary and secondary copper was 790 yuan/mt. According to the SMM survey, Trump has once again imposed an additional 10% tariff on all Chinese imported goods. Concerns among importers about whether US copper scrap imports are included in China's countermeasures against US goods have reignited, and expectations for the recovery of imported secondary copper raw material have once again been dashed.
