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October 16 scrap copper spot trading daily review: scrap copper market light continuation
Oct 16,2019 17:53CST
The content below was translated by Tencent automatically for reference.

SMM, 16 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 70 yuan / ton today. Shanghai copper pressure fell to 46800 yuan / ton first-line shock. On the first day after the exchange month, the holder kept a steady offer of 40 yuan / ton to 70 yuan / ton, and the low price source was favored by the market, attracting traders to enter the market to receive the goods. In the morning market, the price was still low, and the transaction activity was still good. In particular, the purchase of copper in Pingshui was relatively high, and the inquiry was obviously more active. However, at the beginning of the week, the pressure on inventory was still there, and it was difficult to make substantial changes for the time being. Pingshui copper was concentrated in Shengshui 40 to 50 yuan / ton. Good copper to maintain stability in the rising water 60 ~ 70 yuan / ton; Downstream on-demand procurement, wet copper more than 10 yuan / ton transaction. Today, the trading atmosphere in the market has slightly improved against the background of traders receiving goods at low prices in order to deliver long orders. In the long delivery cycle, the source of goods with low water quality and high price is still attractive.

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 692yuan / ton. In the near future, the performance of copper futures is weak, and in the future, due to the lack of confidence in demand, the expectation of copper price is pessimistic, and at the same time, it affects the market expectation of scrap copper price. Now, even if the supply of scrap copper is tight, but the scrap copper market is still not in a state of recovery, the price of scrap copper is not optimistic.

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