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SMM, March 3
The futures closing price at 11:30 today was 77,040 yuan/mt, up 270 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -80 yuan/mt, up 20 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 200 yuan, while Guangdong bare bright copper prices ranged from 70,700-70,900 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,641 yuan/mt, up 77 yuan/mt. The price spread between primary and secondary copper rods was 1,025 yuan/mt. According to the SMM survey, copper prices fluctuated throughout the day. Although the price spread between primary and secondary copper rods widened, downstream cargo pick-up remained slow. Some secondary copper rod enterprises saw a gradual increase in finished product inventories, with some even considering temporarily halting production.
