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SMM March 28
Today's futures closing price at 11:30 was 80,470 yuan/mt, down 1,260 yuan/mt from the previous trading day. The average spot premium/discount was -5 yuan/mt, up 25 yuan/mt from the previous trading day. Today, the price of secondary copper raw material fell by 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 74,100-74,300 yuan/mt, down 500 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,529 yuan/mt, down 916 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, as the results of Trump's import tariffs on copper cathode are expected to be announced next week, the market believes that copper prices will pull back after the tariffs are implemented. Suppliers of secondary copper raw material are concerned about inventory devaluation losses due to the potential decline in copper prices, leading to a rush to sell at high prices. Secondary copper rod enterprises noted a rebound in the market circulation of secondary copper raw material.
