Home / Metal News / Copper / Oct. 8 Shanghai copper spot market KuaiBao: on the first day after the festival, the number of shipments decreased, the spot rose and the water overreported and went low.
Oct. 8 Shanghai copper spot market KuaiBao: on the first day after the festival, the number of shipments decreased, the spot rose and the water overreported and went low.
Oct 8,2019 11:50CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, Oct. 8: Shanghai electrolytic copper spot contract today rose 90 ~ 150 yuan / ton, Pingshui copper transaction price 46980 yuan / ton ~ 47040 yuan / ton, Shengshui copper transaction price 47000 yuan / ton ~ 47070 yuan / ton. During the festival, Lun copper fell continuously, and the Shanghai copper stock market opened after the festival. The copper in Shanghai hovered below 47000 yuan / ton, and the spot quotation showed the phenomenon of overreporting and underreporting. At the beginning of the morning market, the holder tried to quote in the range of 150 ~ 190 yuan / ton, but the false high degree was high and could not be recognized by the market, so the spot rising water showed a cliff-style fall, briefly entangled in the rising water of 120 ~ 150 yuan / ton. Still lack of response, the market began to decline further, good copper from 150 yuan / ton near straight down to 110 yuan / ton to rise water 110 yuan / ton to slow down signs, Pingshui copper fell below 100 yuan / ton still did not stop falling signs, under the guidance of a large number of falling prices of individual holders, Pingshui copper was as low as 90 yuan / ton, and wet copper rose from 70 yuan / ton to 80 yuan / ton to 40-50 yuan / ton. On the first day after the festival, the decline of copper in Shanghai did not usher in a concentrated replenishment downstream, and the downstream was resistant to the rising water, which was temporarily on the sidelines. Although the middleman is willing to replenish the goods, it is difficult to raise the water to a high level. After the festival plate price difference fluctuates frequently, almost no price difference, during the holiday period all kinds of goods will also make inventory increase significantly, this week gradually tend to delivery date, rising water more than 120 yuan level if the lack of disk structure support may be difficult to maintain, short-term rising water will continue to be reduced under the pressure of delivery.

 

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