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October 14 scrap copper spot trading day review: trade negotiations are not as good as expected, scrap copper consumption is pessimistic
Oct 15,2019 10:06CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 14 October:

Today, the Shanghai copper main force 1912 contract opened at 47100 yuan / ton in the morning market, and the Shanghai electrolytic copper spot contract rose 70-120 yuan / ton for the current month. Shanghai copper re-impact along the 47000 yuan / ton shock finishing, the import window continues to open, the weekend import copper customs clearance completed centralized warehousing, import copper supply significantly increased, delivery approaching, the disk almost no price difference every other month, the holder is eager to change cash, the number of people who lose goods increases. The morning market holder quotation starts from the rising water 120 ~ rising 140 yuan / ton, cannot obtain the market approval, so the spot rising water again shows the rapid downward trend, in the rising water 100 ~ rising 120 yuan / ton briefly stays the trace transaction, in order to seize the transaction opportunity, the market is in the importer's first reduction under the good copper from 90 to 100 yuan / ton still has the pressure price space, the flat water copper drops to the rising water 70 ~ 80 yuan / ton only then has the slow decline sign, the market is in the lead under the importer to lower the price directly to rise 90 ~ 100 yuan / ton still has the pressure price space, the flat water copper drops to the rising water 70 ~ 80 yuan / ton only then has the slow drop sign. Wet copper consumption willingness is low, the supply of goods increased significantly, even if reduced to 30 yuan / ton of water are lack of attention. Near the delivery date, the supply of more goods difficult to cash pressure, the holder of the willingness to further strengthen, rising water tends to the level of delivery. The general performance of the downstream is mainly dominated by the recent increase in transportation costs under strict logistics control and the cautious mood that copper prices are difficult to form a breakthrough in the first line of 47000 yuan.

The price of bright copper in Guangdong is 43300 yuan / ton ~ 43600 yuan / ton, which is flat compared with last Friday, and the price difference between fine waste and waste is 857 yuan / ton. Scrap copper holders have low profits and strong sentiment for covering and selling goods; Sino-US trade negotiations are not as good as expected, market expectations for consumption are lower, terminal consumption is weak, downstream buying enthusiasm is still not strong, and actual transactions are still limited.

 

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