[SMM Commentary: Copper Prices Break Through the 80,000 Yuan Mark Amid Mixed Macro Signals and Weak Supply and Demand Fundamentals—How Will the Copper Market Perform?] Amid rising concerns over a US economic recession and the impact of US tariffs clouding the global demand outlook, the US dollar index continued its weakness. Coupled with US non-farm payrolls growth falling short of expectations and February CPI inflation in the US coming in below expectations across the board, market expectations for a US Fed interest rate cut have increased. LME and SHFE copper prices initially declined but later rebounded this week. Market expectations for domestic policy support to continue boosting demand, combined with ongoing destocking of domestic copper inventories, have supported copper prices. As of 16:53 on March 14, LME copper rose 0.58% to $9,840/mt, with its weekly performance extending the previous week's gains, up 2.36% so far. SHFE copper increased 1.03% to 80,500 yuan/mt, marking its second consecutive weekly gain with a rise of 2.29% this week.

According to SMM data, starting from March 6, 2025, SMM mainstream copper cathode social warehouse inventories began consecutive destocking, with a total reduction exceeding 20,000 mt over the past three statistical periods. As of March 14, 2025, domestic copper cathode inventories totaled 345,500 mt, down 33,600 mt YoY, indicating that the destocking turning point in 2025 arrived earlier than in 2024.

[SMM Analysis] According to SMM data, starting from March 6, 2025, inventories of mainstream copper cathode in SMM social warehouses began consecutive destocking, with a total destocking of over 20,000 mt in the past three statistical periods. As of March 14, 2025, domestic copper cathode inventories totaled 345,500 mt, 33,600 mt lower YoY, indicating that the destocking turning point in 2025 arrived earlier than in 2024.

[SMM BC Copper Commentary: Optimistic Market Sentiment as BC Copper Most-Traded Contract Strengthens Again] SMM, March 14: Today, the most-traded BC copper 2504 futures contract opened at 70,650 yuan/mt, closed with a bullish candlestick above the daily average, and finally settled at 71,640 yuan/mt, up 750 yuan/mt or 1.06%. The increase was mainly attributed to bears reducing positions, with open interest at 6,219 lots, down 514 lots from the previous trading day. Trading volume reached 7,896 lots, an increase of 450 lots compared to the previous day...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 14 Mar, 2025

[SMM Analysis: Price Difference Between Primary Metal and Scrap Widens, Traders Actively Pick Up Goods] According to SMM survey data, the operating rate of secondary copper rod this week was 30.88%, down 2.52 percentage points WoW and 18.45 percentage points YoY. Meanwhile, the average price difference of primary and secondary copper rod this week was 1,403 yuan/mt, up 345 yuan/mt WoW. Additionally, the average discount of secondary copper rod in Jiangxi against copper futures was 853 yuan/mt, expanding by 195 yuan/mt WoW...