April 22 quotation of scrap copper in Zhejiang Province

Published: Apr 22, 2020 14:12

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SMM4 22: Zhejiang scrap copper quotation

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Downstream inquiries cool down again, and holding back from selling and holding prices firm drives the spot copper price spread to strengthen [SMM North China spot copper]

In North China today, #1 copper cathode spot prices against the front-month contract were reported at premiums of 140-220 yuan/mt, with an average premium of 180 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 104,995 yuan/mt, up 750 yuan/mt from the previous trading day.

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Copper prices rebounded, and downstream restocking enthusiasm weakened. Spot trades were less active than yesterday [SMM South China Spot Copper]

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1 hour ago

Shanghai Spot Copper Tight, Premiums Rise, Transactions Diverge.

[SMM Shanghai Spot Copper] Affected by the persistently low social inventory in Shanghai, available spot copper cathode in the market was tight, providing strong support to spot premiums. Intraday, copper prices edged up, the backwardation structure of the nearby months narrowed to 140-170 yuan/mt, and suppliers showed strong sentiment in holding prices firm and holding back from selling. Intraday, standard-quality copper was offered at premiums around 450-480 yuan/mt, up about 40 yuan/mt from yesterday. Downstream enterprises had limited acceptance of cargoes at premiums around 450 yuan/mt, with procurement still mainly driven by rigid demand, and mostly bargained down to premiums near 420 yuan/mt; however, traders were still trading on expectations of tight available cargo, with cargo circulation relatively active and purchasing enthusiasm remaining at a high level.

1 hour ago