High Copper Prices Persist, Stimulating Secondary Copper Rod Consumption [SMM Secondary Copper Daily Review]

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SMM March 17

      The futures closing price at 11:30 today was 79,800 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were 35 yuan/mt, up 15 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 72,900-73,100 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,175 yuan/mt, down 155 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,605 yuan/mt. According to the SMM survey, copper prices hovered at highs, and the price difference between copper cathode rod and secondary copper rod remained above the advantageous level. Although the price difference between primary metal and scrap dropped back slightly, it did not affect traders' cargo pick-up speed from last week. Meanwhile, high copper prices prompted wire and cable enterprises to consider purchasing more secondary copper rods. The secondary copper rod market saw a recovery in consumption, with some secondary copper rod enterprises even reporting the need for production scheduling.