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Comment on the spot Trading Day of scrap Copper on July 29
Jul 29,2019 17:41CST
The content below was translated by Tencent automatically for reference.

SMM, July 29 / PRNewswire-Asianet /-

Today, Shanghai copper main 1909 contract morning market opened at 46890 yuan / ton, today Shanghai electrolytic copper spot to the current month contract flat water ~ liter water 70 yuan / ton, flat water copper transaction price 46870 yuan / ton ~ 46920 yuan / ton, rising water copper transaction price 46920 yuan / ton ~ 46970 yuan / ton. Shanghai copper is still continuing the concussion pattern, along the 46900 yuan / ton line finishing. In the morning, the quoted price is 20 yuan / ton to 70 yuan / ton, the market stops to wait and see, the willingness to change is low, the price of flat water copper is about 10 yuan / ton, and the good copper is stable at 60 yuan / ton. In the second trading session, the holder took the initiative to reduce the price, and around 50 yuan / ton of good copper rising water, flat copper remained stable at 10 yuan / ton of rising water. Under the capital pressure of enterprises at the end of the month, the goods were centrally thrown at the front line of Pingshui, and the downstream rigid demand was maintained. The supply of wet copper was tight, and there was almost no price difference with the imported low-end flat copper. The transaction was gradually carried up in the discount of 20 yuan to 10 yuan per ton. On Monday, the market was still more cautious, and the trade activity was insufficient. Downstream continued rigid demand procurement, the market continues to show the characteristics of supply and demand.

Guangdong No. 1 bright copper quoted price of 42900 yuan / ton ~ 43200 yuan / ton, the same as last Friday, refined waste price difference of 1414 yuan / ton. SMM adjusted the scrap point from 5 per cent to 5.5 per cent, and the premium price spread fell slightly. The recent Shanghai copper price range is mainly volatile, focusing on the Sino-US trade negotiations to be held in Shanghai tomorrow and the day after tomorrow. July-August is the off-season of consumption, the terminal consumption is relatively light, the wait-and-see mood of waste enterprises is stronger, and the willingness to purchase is light. Awaiting the outcome of the trade negotiations and the guidance of the Fed's decision.

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