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Review on the spot Trading Day of scrap Copper on July 23
Jul 23,2019 18:53CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 23: today Shanghai copper main 1909 contract early market opened at 47330 yuan / ton, today Shanghai electrolytic copper spot to the current month contract flat water ~ rising water 40 yuan / ton. Copper continued the downward trend of shock, Shanghai copper down 47200 yuan / ton around. Copper prices are under pressure, early in the morning, the holder quoted water 10 to 50 yuan / ton, some traders showed willingness to receive goods, market inquiry increased, the pressure atmosphere is rich, in addition to a small amount of price can be reduced to 10 yuan / ton discount, flat water copper is generally priced near the flat water, good copper concentrated in the rising water 30 to 40 yuan / ton, wet copper supply increased, downstream consumption is weak, holders take the initiative to reduce the discount 80 to 70 yuan / ton water discount 80-70 yuan / ton. The price of copper is generally high near the level of water, good copper is concentrated in rising water 30 to 40 yuan / ton, the supply of wet copper is increased, downstream consumption is weak, and the holder takes the initiative to reduce the discount 80 to 70 yuan / ton. Copper futures fell after the price is slightly stronger than yesterday, traders have the right amount to buy on the cheap, but copper prices have not stabilized, the market is still more cautious.

Guangdong No. 1 bright copper quoted price of 43000 yuan / ton ~ 43300 yuan / ton, down 300 yuan / ton compared with yesterday, the difference of refined waste price is 1889 yuan / ton. According to the preliminary calculation of SMM, the import of scrap copper in June increased by about 40-50, 000 metal tons compared with the same period last year, and domestic imports of scrap copper will increase by more than 100000 metal tons in the first half of the year compared with the same period last year. At present, the absolute price of scrap copper has not yet reached the psychological price of scrap copper holders, the willingness to push forward is strong, and the quotation for scrap copper is relatively high; at the same time, the current terminal consumption is relatively poor, and the price difference of refined scrap copper rod is only 600 yuan / ton. Therefore, the willingness to purchase scrap copper rod downstream has not been significantly boosted; as a result, the transaction performance of the scrap copper market is general, and has not been significantly improved.

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