Copper Prices Rise May Drive Secondary Copper Raw Material Suppliers to Sell [SMM Secondary Copper Daily Review]

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SMM, March 5

      The futures closed at 76,950 yuan/mt at 11:30 today, down 30 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -40 yuan/mt, up 30 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 70,600-70,800 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 1,697 yuan/mt, also unchanged MoM. The price difference between primary and secondary copper rods was 1,030 yuan/mt. According to the SMM survey, copper prices surged by 400 yuan/mt near the close. However, as secondary copper rod enterprises had mostly completed their daily procurement by then, whether the rise in copper prices can stimulate the supply of secondary copper raw material remains to be confirmed tomorrow. After the market closed, US President Trump once again mentioned imposing a 25% tariff on aluminum, steel, and wood. Following the news, COMEX copper and LME copper both rose to varying degrees. If SHFE copper prices follow the upward trend tomorrow, it is expected to effectively boost the supply of secondary copper raw material.