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Daily Review of scrap Copper on April 30: scrap copper traders gradually sell lossmaking inventories to expand liquidity
Apr 30,2020 17:20CST
The content below was translated by Tencent automatically for reference.

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SMM, April 30: Shanghai electrolytic copper spot contract today rose 100 yuan / ton ~ 130 yuan / ton, Pingshui copper transaction price 42970 yuan / ton ~ 43070 yuan / ton, Shengshui copper transaction price 42980 yuan / ton ~ 43080 yuan / ton. Shanghai copper jump high open rebound to 42900 yuan / ton. The last trading day before May Day, the morning market quotation is still rising 120-130 yuan / ton quotation level, but the transaction is weak, so some holders take the lead to open the price adjustment model, strive to change cash, good copper down to 110 ~ 120 yuan / ton, Pingshui copper in the rising water 100 yuan / ton, transaction gradually carried out, wet copper to maintain yesterday's quotation rose 60 ~ 80 yuan / ton. The market continues to rise, the market performance is cautious wait and see, there is no obvious change in the transaction, under the market stalemate, the quotation is not as enthusiastic as the morning market, and the number of people standing in the market is increasing. There are a large number of shippers in the final trading market before the festival, the continuation of the rising water is difficult to attract trade speculators, the downstream performance is more weak, receiving few goods, pre-holiday clearance cash hedge characteristics are prominent.

Guangdong Guang Guangliang copper quoted 39900 yuan / ton ~ 40200 yuan / ton, up 100 yuan / ton compared with the previous trading day, fine waste price difference is 368yuan / ton, the ticket point is calculated as 6.1%. Before the festival, copper prices rose slightly, continued to be good for shipments, and some scrap copper companies gradually sold the inventory before the Spring Festival to recover funds, to expand the trade volume to make up for the previous losses, the willingness to receive and ship goods are higher, the activity of the scrap copper trade market continues to pick up. At the same time, downstream manufacturers are actively replenishing inventory, but also for the market transaction recovery to provide a strong demand for sales.

(information Supervision and feedback: SMM Xinyong 021-51595820)

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