Review on the spot Trading Day of scrap Copper on June 19

SMM, June 19 / PRNewswire-Asianet /-

The main 1908 contract of Shanghai copper opened at 46960 yuan / ton early today. Copper rose strongly overnight due to optimistic expectations of trade relations between China and the United States. Shanghai copper followed suit. Copper prices hovered at 46800 yuan per ton after rising 1908 yuan per ton today. Today, Shanghai electrolytic copper spot contract for the current month reported 30 to 80 yuan per ton of water. Today, quotation holders have no intention to downgrade the rising water, the quotation remains stable at yesterday's level of 30 to 80 yuan / ton, the disk surface rebounded strongly, but the spot transaction still shows the characteristics of chainsaw, although flat water copper is generally 30 to 40 yuan / ton, but due to the low activity of market inquiry, some traders can press the price to 20 yuan / ton to take goods, good copper can be maintained in the water 70 to 80 yuan / ton range quotation, it is more difficult to lower the price, but due to the low market inquiry activity, some traders can press the price to 20 yuan / ton, good copper can be maintained in the water 70-80 yuan / ton range, it is more difficult to lower the price. Downstream still maintain rigid demand, wet copper maintain discount 40 yuan / ton ~ discount 20 yuan / ton quotation. Downstream consumption is afraid of high sentiment, the mainstream trading is still mainly for long order delivery, holders to maintain the willingness to push the price, the short-term market may remain stable at the current level, supply and demand continue to show a state of stickiness.

Guangdong No. 1 bright copper quoted price of 42800 yuan / ton ~ 43100 yuan / ton, up 400 yuan / ton compared with yesterday; Today, the refined scrap price gap is 1189 yuan / ton, the heads of state of China and the United States are on the phone and plan to meet again during the G20 summit, as well as hints that the European Central Bank is ready to cut interest rates if necessary, boosting market confidence. Copper futures prices rose. Recycled copper prices rose sharply with copper futures prices. At present, domestic recycled copper supply continues to be tight, renewable copper prices rose today, and shippers are more motivated to ship goods, but downstream caution remains the same, and receiving goods is limited.