Suppliers of secondary copper raw materials reduced shipments, opting to hold inventory in anticipation of price increases. [SMM Secondary Copper Daily Review]

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SMM March 31

      Today's futures closing price at 11:30 was 79,960 yuan/mt, down 510 yuan/mt from the previous trading day. The average spot premiums/discounts were 15 yuan/mt, up 20 yuan/mt from the previous trading day. Today, the price of secondary copper raw material fell 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 73,800-74,000 yuan/mt, down 300 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,358 yuan/mt, down 171 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,050 yuan/mt. According to the SMM survey, copper prices continued to pull back, and some suppliers of secondary copper raw material decided to reduce shipments to minimize losses, waiting for copper prices to rebound before resuming shipments. Today, the secondary copper raw material market saw average trading activity.