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December 12 scrap copper spot trading daily review: copper futures continued to rise, scrap copper prices were depressed, consumption was lower than expected

iconDec 12, 2019 18:29
Source:SMM

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SMM12, March 12: today's Shanghai Copper main 2002 contract opened in the morning market of 49150 yuan / ton, the Bureau today Shanghai electrolytic copper spot to the current month contract rose 10 ~ 30 yuan / ton. Shanghai copper futures rose to 48900 yuan / ton in morning trading, the monthly price difference was about 80 yuan / ton, the far month has completely broken through 49000 yuan / ton, and the spot market quoted in the morning market rose 20-40 yuan / ton, similar to yesterday afternoon's quotation, but the market was afraid of heights and stood on the sidelines, holders were forced to lower their quotations slightly, Pingshui copper in the rising water 10 yuan / ton to maintain stability, a small number of holders can have room to depress prices, good copper in the rising water 20 yuan / ton. Downstream fear of heights is strong, buying interest is restrained, wet copper quotation concentrated in the discount of 30 yuan / ton, flat copper and good copper price difference narrowed only 10 yuan space, there is little profit margin, trade speculation will continue to be frustrated. Copper futures rose for many days, the market is more wait-and-see, copper prices are difficult to carry out, although traders have the willingness to receive goods, but look forward to the supply of discounted goods difficult to achieve the desired, supply and demand is more likely to fall into a standoff stalemate.

Guangliang copper in Guangdong quoted 44300 yuan / ton ~ 44600 yuan / ton, up 10 yuan / ton from yesterday, and the price difference between fine waste and waste is 1618 yuan / ton. According to SMM research, the improvement in copper consumption is very limited. The downstream consumption is not good enough to press the price, the price of scrap copper increases in the period of copper, and the price difference of fine waste is enlarged. Some of the holders have increased their shipments when they are profitable. However, in the case of tight supply, in the case of lower prices downstream, some of the holders cover the goods and cherish the selling mood, waiting for the price to rise again and then ship the goods, increasing the profit margin. Therefore, the overall performance of scrap copper consumption has only slightly improved.

(SMM Mu Yaojuan)

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