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October 29 scrap copper spot trading daily review: scrap copper market continues to be weak in supply and demand
Oct 29,2019 18:05CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM10 29 month news: today's Shanghai copper main 1912 contract early market opened at 47480 yuan / ton, today Shanghai electrolytic copper spot to the current month contract flat water ~ rising water 20 yuan / ton. Shanghai copper concussion at 47300 yuan / ton line. The holding company is still in the mood of rising water, the enthusiasm of market inquiry is high, the early market quotation is almost the same as yesterday, but the transaction holds the wait-and-see situation, a small amount of flat water copper can be traded at a low price, the flat water copper pressure price to the discount 10 yuan / ton transaction performance is better, but soon was closed, the back quotation maintained in Pingshui ~ liter water 10 yuan / ton, the good copper can press the price space is not big; Copper prices are still high, downstream to maintain on-demand procurement, wet copper stable in yesterday's discount 40 ~ 30 yuan / ton. After the National Day, the accumulated inventory is gradually digested. Last week, the import window was closed. This week's import loss has reached about 400 yuan. In the near future, the overall supply of the market will not be too loose. Traders intend to discount low prices to receive goods, but because the holders are unwilling to discount the shipment, the willingness to cash is low, but it is difficult to lift the water again at the end of the month, resulting in the price difficult to get rid of the chainsaw state. Today's delivery is still hesitant, but holders are also reluctant to lower the price of rising water, trading performance is average, today's market performance of supply and demand stalemate saw characteristics.

Guangdong No. 1 bright copper quotation is 43500 yuan / ton ~ 43800 yuan / ton, which is flat compared with yesterday, and the difference of refined waste price is 909 yuan / ton. The overall performance of the macro news side is positive, but on the eve of Fed interest rate negotiations, market futures trading and spot trading are cautious. Gold nine silver ten is coming to an end, consumption is about to move towards the off-season, for scrap copper and electrolytic copper support overall weakness, although due to scrap six types of import restrictions caused by scrap copper supply is tight, but the demand side weakness continues, scrap copper overall performance supply and demand are weak.

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