Secondary Copper Raw Material Suppliers Hold Stocks Expecting Price Rises Short-Term Copper Scrap Market Circulation Remains Tight [SMM Secondary Copper Daily Review]

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SMM March 24

      The futures closing price at 11:30 today was 81,160 yuan/mt, up 80 yuan/mt from the previous trading day. The average spot premiums and discounts were 0 yuan/mt, up 15 yuan/mt from the previous trading day. The price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 74,000-74,200 yuan/mt, unchanged from the previous trading day. The price difference between primary metal and scrap was 2,330 yuan/mt, up 95 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,730 yuan/mt. According to the SMM survey, suppliers of secondary copper raw material controlled their shipments due to a bullish outlook on copper prices. Respondents indicated that they would increase shipments if copper prices rose to 83,000 yuan/mt.