Price Difference Between Primary Metal and Scrap Widens, Traders' Willingness to Pick Up Goods Rebounds [SMM Secondary Copper Daily Review]

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SMM, March 12

      The futures closed at 79,090 yuan/mt at 11:30 today, up 1,430 yuan/mt from the previous trading day. The average spot premiums/discounts stood at 10 yuan/mt, up 10 yuan/mt from the previous trading day. The price of secondary copper raw material rose by 600 yuan/mt MoM today. The price of Guangdong bare bright copper was 71,900-72,100 yuan/mt, up 600 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,504 yuan/mt, up 801 yuan/mt MoM. The price difference between primary and secondary copper rods was 1,520 yuan/mt. According to the SMM survey, traders showed increased willingness to pick up goods. Due to the widening price difference between primary metal and scrap, many traders showed increased hedging willingness. Copper prices are expected to pull back subsequently, but end-user wire and cable enterprises remained cautious.