Copper Prices Pull Back, Secondary Copper Rod Consumption Rebounds [SMM Secondary Copper Daily Review]

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SMM March 10

      Today's futures closing price at 11:30 was 78,160 yuan/mt, down 380 yuan/mt from the previous trading day. The average spot premiums/discounts stood at -5 yuan/mt, unchanged from the previous trading day. Today's secondary copper raw material prices fell by 100 yuan/mt MoM. Guangdong bare bright copper prices were 71,500-71,700 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,985 yuan/mt, down 273 yuan/mt MoM. The price difference between primary and secondary copper rods was 1,325 yuan/mt. According to the SMM survey, copper prices pulled back, and the price difference between primary and secondary copper rods remained above the advantageous level, leading to a slight recovery in downstream orders. Secondary copper rod enterprises indicated that the marginal recovery of expectations for the traditional consumption peak season is underway.