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[SMM Meridian Review] Guangdong Copper spot Market Express on April 23: prices and rising water rose sharply, and trading enthusiasm declined.
Apr 23,2020 12:00CST
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Source:SMM
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SMM4, March 23: Guangdong electrolytic copper spot on the current month contract rose 270 ~ 280, the average price rose 20%; wet copper rose 220 ~ 230, the average price rose 20%. The average price of electrolytic copper rose 910 yuan / ton to 42080 yuan / ton, and the average price of wet copper rose 910 yuan / ton to 42030 yuan / ton. In the spot market, large purchases downstream yesterday, coupled with a reduction in arrivals, significantly reduced inventories by more than 4,000 tons. Stimulated by this, holders did not pay attention to the sharp rise in copper prices to continue to raise water shipments, today's copper and water copper mainstream trading price at 270280 yuan / ton, up 20 yuan / ton from yesterday. However, due to the sharp rise in copper prices and discounted water, today's market trading is significantly less than yesterday, downstream procurement volume reduced. To about 11:00, there are thick plate warehouse orders actively reduced the price to 260 yuan / ton, but Pingshui copper is still tight transaction at 270 280 yuan / ton, wet copper supply tension quotation is also 20 to 220 yuan / ton higher than yesterday. Overall, although activity has declined today, prices are still rising, and we expect rising water to continue to fluctuate higher before May Day.

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