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December 10 scrap copper spot trading daily review: fine scrap spread rebounded, scrap copper consumption improved

iconDec 10, 2019 20:53
Source:SMM

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SMM12, March 10: today's Shanghai Copper main 2002 contract opened in the morning market of 48610 yuan / ton, Shanghai electrolytic copper spot on the current month contract rose 30 ~ 80 yuan / ton. Bullish positions continue to push up copper prices, Shanghai copper continued to rise to 48400 yuan / ton line. The morning market quotation is still scheduled to rise yesterday, but the high copper price completely makes the market fear the high stop, the holder meets the high exchange cash is eager, therefore centrally opens the price reduction model, the rising water appears the cliff type to release the situation. In the second section of the trading session, the water has risen about 30 yuan / ton, close to the end of the afternoon, flat water copper rising water as low as 10 yuan / ton, wet copper was forced to be significantly reduced, showing a comprehensive discount state, based on the discount of 20 yuan / ton there is still room for price pressure. Copper price two days to increase the volume of more than 100000 hands showed that the rally did not stop, the downstream fear of high wait and see cautious participation, the market shipment exchange is numerous, the copper price has risen nearly 1000 yuan, and the rising water has only dropped more than 100 yuan, it is still difficult to attract trade speculators, it is not suitable to operate the buy and sell period, the quotation is still under pressure, according to today's rate of decline may not be guaranteed.

Guangliang copper in Guangdong quoted 44200 yuan / ton ~ 44500 yuan / ton, up 200 yuan / ton from yesterday, and the price difference between fine waste and waste is 1239 yuan / ton. Fine waste price difference improved, downstream scrap copper rod consumption improved, refined copper market continued to climb, demand declined, there is a situation of scrap copper instead of refined copper consumption. However, based on the tight supply of scrap copper, the improvement in scrap copper consumption will not last, scrap copper price support is still strong.

(SMM Mu Yaojuan)

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