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October 10 scrap copper spot trading daily review: scrap copper transaction is on the weak side, waiting for the guidance of trade negotiations
Oct 10,2019 18:09CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 10 October:

Today, the Shanghai copper main force 1912 contract opened in the morning market at 46530 yuan / ton, and today the Shanghai electrolytic copper spot contract rose by 130 yuan / ton to the current month contract. Shanghai copper continued to bear pressure to 46500 yuan / ton near, the plate continued to fall holders firm willingness to lift water, morning market holders quoted water 130 ~ 150 yuan / ton, under the guidance of traders continue to take the initiative to receive goods, water 130 yuan / ton of flat copper was quickly closed, holders raised price confidence to continue to raise prices. In the second quarter of the trading session, Pingshui copper continued to be favored by the market, has been led by some big traders to rise to 160 yuan / ton, good copper performance is passive, although there is a corresponding rise, but slightly less than flat copper, wet copper is still rising. Copper prices around 46500 yuan / ton are generally recognized by downstream manufacturers of the buying range, today's downstream initiative buying increased significantly, traders and downstream have concentrated into the market, traders continue to lead the morning market receiving tide, transaction preference, market transactions to maintain a warm atmosphere.

The price of bright copper in Guangdong is 43100 yuan / ton ~ 43400 yuan / ton, which is flat compared with yesterday, and the price difference between fine waste and waste is reduced to 724 yuan / ton. Up to now, the demand for scrap copper is still weak, the order performance of waste enterprises is still poor, and continues to be cautious in procurement. However, the shortage of scrap copper supply shows no sign of easing, and the scrap six types of approvals are expected to fall sharply in the fourth quarter, and the scrap copper supply will be more tight.

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