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October 8 scrap copper spot trading day review: terminal consumption is weak, scrap copper transaction is limited
Oct 8,2019 18:01CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 8 Oct:

Today, the Shanghai copper main force 1911 contract opened in the morning market at 46930 yuan / ton, and today the Shanghai electrolytic copper spot contract rose by 90 yuan / ton to the current month contract. During the festival, Lun copper fell continuously, and the copper in Shanghai opened the stock market after the festival. The copper in Shanghai hovered below 47000 yuan / ton. 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 performance was inflated 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. There is still no response, the market began to decline further, individual holders of a large number of price losses. 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.

The quotation of bright copper in Guangdong is 43300 yuan / ton ~ 43600 yuan / ton, which is down 100yuan / ton compared with that before the festival, and the price difference between fine waste and waste is enlarged to 949yuan / ton. The profit of scrap copper holder is low, the emotion of covering goods is strong, at the same time, the terminal consumption is still light, the purchasing enthusiasm of waste enterprises is still not strong, and the actual transaction is still limited.

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