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October 21 scrap copper spot trading daily review: scrap copper market supply concern intensifies
Oct 21,2019 17:50CST
The content below was translated by Tencent automatically for reference.

SMM, Oct. 21: Shanghai copper main force 1912 contract opened in the morning market of 47070 yuan / ton, today Shanghai electrolytic copper spot contract rose 80 ~ 110 yuan / ton. The dollar fell to a new three-month low on Friday night as recent US economic data added to recent US economic data superimposed gains in sterling and the euro, with the copper market buoyed by a rebound. Copper rose sharply to 47100 yuan a tonne in Shanghai today. Because this month 25 involves the tax ticket system upgrade ticket to close the question, the market to the current month ticket price high shipment, the morning market quotation rises 90 ~ rises 110 yuan / ton, but the surface is high and increases the water on the high side, the transaction is more wait-and-see, the holder quotes slightly loosely, presses the price to close the transaction, after 11:00, some cardholders take the initiative to adjust the rising water in order to close the deal. In today's market, the share of next month's ticket quotation in the market is also gradually increasing, with a difference of 20 yuan / ton with that month's ticket price. Copper price rise suppresses downstream market pick-up, trade also has no intention to enter the market to receive goods, the market mostly shows cautious stop, traders mostly to complete the end of this month delivery order, but the holder's willingness to bid for the current month ticket has not changed.

Guangdong Guang Guangliang copper quoted 43300 yuan / ton ~ 43600 yuan / ton, up 200 yuan / ton from last Friday, fine waste price difference slightly rebounded to 967 yuan / ton. From January to August 2019, China imported a total of 931000 tons of scrap copper, an increase of 9.8 percent over the same period last year, and there was still an increase of about 83000 tons over the same period last year. But scrap copper approval plummeted in the fourth quarter, adding to fears of a tight supply of scrap copper.



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