Comment on the spot Trading Day of scrap Copper on July 24

SMM, July 24 / PRNewswire-Asianet /-

Today, the main 1909 contract of Shanghai Copper opened at 46960 yuan / ton in the morning. Today, the spot of electrolytic copper in Shanghai reported a rise of 10 yuan per ton to 70 yuan per ton of water for the current month. After increasing the position in the night sky, the lowest position of Lun Copper went down the US $5950 / ton gate, while Shanghai Copper opened low below the 47000 level and oscillated along the line. Futures down the holder attempts to raise the water price, the holder quoted water 30 80 yuan / ton, traders still have the willingness to receive goods, but the offer is unattractive, after a moment of stalemate, good copper down to Shengshui 50 60 yuan / ton concentrated transactions, flat copper initiative down to 10 yuan / ton, there is no room for pressure; today, there is an increase in downstream inquiries, there is a willingness to enter the market, wet copper quotations to discount 50 to 30 yuan / ton range. The disk is under pressure, but it has not yet reached the ideal price range downstream. Although there are buying orders downstream, most of them are cautious, and traders continue to be willing to receive goods, but they have not seen the discount quotation today, so they have not reached the price range that they can buy. Under the saw of supply and demand, it is very difficult for the rising water to continue to be difficult.

Guangdong No. 1 bright copper quoted price of 42900 yuan / ton ~ 43200 yuan / ton, down 100 yuan / ton compared with yesterday, the difference of refined waste price is 1689 yuan / ton. Overall consumption in the end market is weak, and the recent market has focused on the Fed rate cut at the end of the month and the progress of next week's Sino-US trade negotiations to determine the impact on copper futures prices. The recent electrolytic copper and scrap copper market transactions are cautious, wait-and-see mood is strong.