Weak Consumption, Traders' Secondary Copper Rod Inventory Gradually Increases [SMM Secondary Copper Daily Review]

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SMM March 11

      The futures closed at 77,660 yuan/mt at 11:30 today, down 500 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 0 yuan/mt, up 5 yuan/mt from the previous trading day. The price of secondary copper raw material dropped by 200 yuan/mt MoM today. The price of Guangdong bare bright copper was 71,300-71,500 yuan/mt, down 200 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 1,703 yuan/mt, down 282 yuan/mt MoM. The price difference between primary copper rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, the consumption of secondary copper rods in the Hebei market remained sluggish, and many secondary copper rod traders indicated that inventory levels had returned to normal. Inventory is expected to continue increasing before the end of this week.