SMM, 11 Oct:
Today, the Shanghai copper main force 1912 contract opened at 46970 yuan / ton in the morning market, and the Shanghai electrolytic copper spot contract rose 120-170 yuan / ton for the current month. There are temporary signs of easing in Sino-US trade sentiment, with copper prices rising to 46900 yuan per tonne. Copper futures rebounded yesterday to suppress the positive mood of buying, morning market holders still want to continue yesterday's offer, but the market has little initiative to buy, fear of high sentiment gradually, the holder has no choice but to open the downward model, although there have been some transactions, but the overall market atmosphere is not as good as yesterday, holders continue to take the initiative to cut prices to close the deal. The second section of the trading stage, in the shipment difficult to cash pressure environment, the holder cash willingness to further strengthen, rising water quotation down more than. Today's market is stacked with empty news, reversing yesterday's high buying mood. The import copper window has been open for two days since the opening of the post-festival market. It is expected that a large number of imported copper goods will be put into storage over the weekend. At the same time, the "Wuxi viaduct collapse" incident that occurred last night, on the one hand, affected traffic, on the one hand, escalated the severity of logistics overload, and to a certain extent limited the willingness to buy goods downstream. And two days before the copper price low when the downstream has been continuous replenishment, short-term downstream performance will be cautious wait and see, the holder risk aversion is strong, the initiative to turn to the buyer, resulting in today's market upside down, can completely press the price of transactions, traders receive goods intended to lower the water level, strong and weak characteristics are obvious.
Guangliang copper in Guangdong quoted 43300 yuan / ton ~ 43600 yuan / ton, up 200 yuan / ton from yesterday, and the price difference between fine waste and waste is 837 yuan / ton. Fine waste price spread continues to maintain below 1000 yuan, scrap copper traders continue to cover the goods and cherish the sales mood, more unwilling to ship in the low price. Downstream copper processing plant orders are flat, taking goods is not active.
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