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Comment on the spot Trading Day of scrap Copper on April 28
Jun 28,2019 16:53CST
The content below was translated by Tencent automatically for reference.

SMM June 28: Shanghai Copper main 1908 contract early market opened at 47090 yuan / ton, closed at 47010 yuan / ton. Shanghai copper to maintain a shock pattern of 47000 yuan / ton; spot today's discount of 10 yuan / ton-50 yuan / ton of water, today is the semi-annual June final settlement date, the market activity is low, fully showing the characteristics of settlement at the end of the month. Early trading stopped, individual holders in the exchange request to lower the offer, good copper as low as 30 to 40 yuan / ton, flat copper once had a discount of 10 yuan / ton supply, low price source to attract some of the capital strength traders, attracted a wave of short-term receiving tide, and then the quotation quickly returned to the original quotation range of early trading. Most of the downstream also entered the settlement state, the actual demand weakened, wet copper price down to 70 ~ 50 yuan / ton discount. With the G20 summit approaching, the market risk sentiment has increased, the copper price at the 47000 yuan / ton mark appears to be in jeopardy, and the market has maintained a cautious wait-and-see attitude. Today, most of the active consignors are traders with funds and downstream customer groups, receiving goods at a low price in preparation for next week's cross-month transaction. At present, the supply of imported copper stored by enterprises in the market is not very sufficient. Next week, after entering July, the shackles of funds will be lifted, and the spot rising water may remain firmly at the current rising water level.

Guangdong 1 # bright copper quoted price of 42900 yuan / ton ~ 43200 yuan / ton, the same as yesterday; today's refined waste price difference dropped slightly from yesterday to 1252 yuan / ton, enterprises into the end of the month settlement, some scrap copper holders for the middle of the year to return funds to ship actively, but the procurement demand is reduced, the market consumer sentiment is not good.

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