Copper prices fluctuated at high levels, and secondary copper rod enterprises sold finished product inventories at low prices. [SMM Secondary Copper Daily Review]

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SMM March 25

      Today at 11:30, the futures closing price was 81,490 yuan/mt, up 330 yuan/mt from the previous trading day. The average spot premiums/discounts were -15 yuan/mt, down 15 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 74,300-74,500 yuan/mt, up 300 yuan/mt from the previous trading day. The price difference between primary metal and scrap was 2,326 yuan/mt, down 4 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,745 yuan/mt. According to the SMM survey, as copper prices hover at highs, traders and secondary copper rod enterprises had no opportunity to sell after hedging, so some secondary copper rod enterprises had to close futures positions and sell secondary copper rods at low prices in the market to quickly recover funds to meet the required payments for raw material procurement.