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Review on the spot Trading Day of scrap Copper on June 24
Jun 24,2019 19:09CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, June 24 / PRNewswire-Asianet /-

Today, the Shanghai copper main 1908 contract morning market opened at 46830 yuan / ton, today Shanghai electrolytic copper spot to the current month contract rising water 30 ~ 90 yuan / ton, the holder early market quotation water 40 90 yuan / ton, the transaction still shows the saw characteristic, the flat water copper can be reduced to the rising water 30 yuan / ton nearby, the good copper also correspondingly reduces to the Shengshui 70 80 yuan / ton range quotation, the transaction has improved slightly, the transaction still shows the saw characteristic, the flat water copper can be reduced to the rising water 30 yuan / ton nearby, the good copper also correspondingly reduces to the Shengshui 70 80 yuan / ton quotation, the transaction has improved slightly; Downstream still maintains rigid demand, wet process copper maintains discount 40 yuan / ton ~ 30 yuan / ton quotation; today's market has next month invoice quotation and transaction, and the current month invoice price difference is about 20 yuan / ton, but most big traders and smelters will still hold firm in the current month invoice quotation. Futures market is temporarily difficult to get rid of the interval concussion pattern, the last two days of this month long single delivery day is also a rising spot factors, supply and demand will still be stuck in a stalemate.

Guangdong quoted the price of 1 # bright copper at 42800 yuan / ton to 43100 yuan / ton, the same as last Friday. Today, the price difference of refined scrap metal is 1144 yuan / ton. China's scrap metal imports rose 8.6 per cent to 380000 tons in May from a month earlier, according to customs data. However, China imported 1.46 million tons of scrap metal in January-May, down 40.7 per cent from a year earlier. However, due to the rise in grade, it is roughly estimated that imports of scrap copper increased by about 20 per cent in May from a year earlier. The cumulative amount of copper scrap imported from January to May increased by about 50,000 tons over the same period last year. For now, the supply of scrap copper should be small, but because the price advantage is still low, restricting the consumption of scrap copper.

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