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[SMM Review] May 12 Guangdong Copper spot Market Express: the holder took the initiative to reduce the price, but the transaction is still not good.
May 12,2020 12:00CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 12: today, the spot price of electrolytic copper in Guangdong province rose 120-130 to that month's contract, with an average price down 55; wet copper rose 80-90, with an average price down 60. The average price of electrolytic copper fell 470 yuan / ton to 43730 yuan / ton, and the average price of wet copper fell 475 yuan / ton to 43690 yuan / ton. In the spot market, copper prices fell sharply. In early trading, the holders were interested in offering prices, which were only slightly lower than yesterday. Pingshui copper was quoted at 150 yuan / ton. However, as the rising water in Shanghai continued to drop sharply (60 yuan / ton in the day), Guangdong holders were forced to lower their shipments. However, after the price reduction, the transaction was still not good, and the downstream wait-and-see mood was strong, showing a state of price without a market. By about 11:15, Guangdong's quotation had been lowered to 110 yuan per ton for good copper, 80 yuan per ton for Pingshui copper and 60 yuan for wet copper. We believe that there is still room for rising water to decline tomorrow, but as delivery approaches, the decline will be limited, because the decline is too large, the holder will choose to deliver the position not to sell spot.

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