[SMM Meridian Review] Guangdong Copper spot Market Express on April 28: demand for stocks before the festival is weak, rising water is obviously down

Published: Apr 28, 2020 11:44

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SMM4 28: Guangdong electrolytic copper spot on the current month contract rose 250 ~ 260, the average price fell 40%; wet copper quoted 200 ~ 210 water, the average price fell 40%. The average price of electrolytic copper fell 410 yuan / ton to 42545 yuan / ton, and the average price of wet copper fell 410 yuan / ton to 42495 yuan / ton. In the spot market, the demand for stock before the downstream festival is weak, coupled with the fact that the holders generally want to cash before the festival, they have taken the initiative to reduce the delivery of rising water one after another. As a result, the rising water continued to decline today, from good copper and flat water copper from 290300 yuan / ton in early trading to 250260 yuan / ton at about 11:00. Although the rate of reduction is relatively large, there are still not many recipients, and the overall transaction is not good. We expect that with the completion of stock, there will be an oversupply the day after tomorrow, and the rising water is expected to continue to decline.

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