Copper Prices Fluctuate and Decline as Secondary Copper Raw Material Shortage Drives Suppliers to Stand Firm on Quotes [SMM Secondary Copper Daily Review]

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SMM March 4

      The futures closing price at 11:30 today was 76,980 yuan/mt, down 60 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -70 yuan/mt, up 10 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 100 yuan today. The price of Guangdong bare bright copper was 70,600-70,800 yuan/mt, down 100 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,697 yuan/mt, up 56 yuan/mt MoM. The price spread of primary and secondary copper rods was 1,030 yuan/mt. According to the SMM survey, copper prices fluctuated and declined during the day. Due to the tight supply of secondary copper raw material, secondary copper rod enterprises had to raise procurement prices to meet daily purchasing targets. Today's transaction price for bare bright copper was 70,900-71,000 yuan/mt.