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October 15 scrap copper spot trading daily review: scrap copper supply is tight, cover goods cherish the sale mood intensifies
Oct 15,2019 22:07CST
The content below was translated by Tencent automatically for reference.

SMM, 15 October:

Today, the Shanghai copper main force 1912 contract opened at 47010 yuan / ton in the morning market, and the Shanghai electrolytic copper spot contract rose by 40 yuan / ton to the current month contract. The copper pressure in Shanghai period hovered below 47000 yuan / ton. Today is the last trading day of the 1910 contract, but the market has moved to the next month 1911 contract quotation, the alternate month spread fluctuates frequently between 20-50 yuan / ton, the SMM copper price still maintains the quotation for the current month until the delivery exchange month. This morning, the 1911 contract quotation rose by 40 yuan / ton to 60 yuan / ton, the supply of abundant holders quoted enthusiastically, the transaction was blocked, the holder took the initiative to lower the quotation, good copper quoted water 30 to 40 yuan / ton range, flat copper as low as 20 yuan / ton, wet copper concentrated in the discount of 30 yuan / ton to 10 yuan / ton. Market quotation for 1910 contract, good copper rising water 80 yuan / ton near, flat water copper quotation for rising water 50 yuan / ton near, wet copper rising water 20 yuan / ton near. Subject to the recent strict control of logistics, downstream careful to take goods, still wait and see, delivery day market activity is low, delivery day to the month quotation is lower. Today's market quotation around the 1911 contract launched, the end of the afternoon, low water flat water copper won the favor of some long single users, flat water copper bargain support rising water to stabilize.

The price of bright copper in Guangdong is 43300 yuan / ton ~ 43600 yuan / ton, which is the same as yesterday, and the price difference between fine waste and waste is 762 yuan / ton. The price difference between refined and waste copper is narrowed, the price advantage of scrap copper is further weakened, and refined copper is used instead of scrap copper consumption. As the market is worried about the amount of scrap copper imported in the fourth quarter, further aggravating the market tension on the supply of scrap copper, holders cover their goods and wait for market guidance.


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