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Comment on the spot Trading Day of scrap Copper on July 19
Jul 19,2019 18:25CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 19 / PRNewswire-Asianet /-

Today, the main 1909 contract of Shanghai Copper opened in the morning market of 47020 yuan / ton. Today, the spot of electrolytic copper in Shanghai quoted a discount of 20 yuan per ton to 70 yuan per ton of water for the current month. Overnight, the chairman of the New York Federal Reserve pushed forward the expectation of cutting interest rates. The US dollar fell below the 97 mark, Shanghai copper jumped nearly 1,000 yuan to 47600 yuan per line, and early morning stockholders quoted 20 to 70 yuan per ton. Copper futures gradually rose in fear of high sentiment, curbing market transactions, spot buying was weak, the holder took the initiative to cut prices, and flat copper took the lead. In July, there was a discount quotation for the first time, and the good copper price dropped to 50 yuan to 60 yuan per ton of rising water. The second section of the trading period, in the shipping difficult to change the pressure of the environment, the holder's willingness to further improve, continue to lower the quotation, flat copper price discount 20 yuan / ton still have pressure price space, good copper as low as 40 yuan / ton, downstream transaction is weak, wet copper following the market price down to 60 yuan / ton discount to 30 yuan / ton. Short-term capital promotion is obvious, copper prices show a strong trend, but the spot market is afraid of high sentiment, traders speculation cautious, downstream actual consumption is bleak, strong and weak characteristics are obvious.

Guangdong No. 1 bright copper quoted price of 43300 yuan / ton ~ 43600 yuan / ton, up 600 yuan / ton compared with yesterday, the difference of refined waste price is 1923 yuan / ton. The sharp rise in copper in Shanghai today led to a rise in the price of scrap copper, and the gap between fine scrap prices widened further. The rise in the absolute price of scrap copper has led to the willingness of scrap copper holders to ship, but downstream based on the recent off-season consumption market, careful wait and see, the purchase of scrap copper is limited.

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