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[copper market today] Sino-US relations are still the focus. Copper in Shanghai runs smoothly. Spot copper in Shanghai is tight.
May 26,2020 18:23CST
The content below was translated by Tencent automatically for reference.

A brief comment on SMM

Today, the trend of copper in Shanghai is relatively stable, basically maintaining the fluctuation range of the night market. Copper prices rebounded during the day, mainly driven by the upward price of crude oil, and affected by the further improvement in the contradiction between supply and demand of crude oil. Us oil and cloth oil increased today, providing some support for copper prices. But domestic investors have been cautious because of tensions between China and the United States, limiting the rise in copper prices to some extent. Today, the main force of copper in Shanghai opened at 43750 yuan / ton in the morning, and the bulls entered the market to drive up the copper price to the highest point of the day, 43910 yuan / ton, and then fell, closing at 43740 yuan / ton in midday trading. The copper price touched the highest point of the day for the second time in the afternoon, and then the center of gravity stabilized at 43870 yuan / ton. Near the end of the day, copper prices fluctuated slightly, closing at 43860 yuan / ton, up 410 yuan / ton, or 0.94%. Today, the position of the Shanghai Copper Index decreased by 51 lots to 325000 lots, and the trading volume decreased by 18368 lots to 162000 lots.

Today, Shanghai copper closed, once again standing on the 5-day moving average, the technical side of copper prices still have room to rise. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 44000 yuan / ton mark.

Spot market

Today, the spot price of electrolytic copper in Shanghai is quoted at 180-220 yuan / ton for that month's contract, the transaction price of Pingshui copper is 43980 yuan / ton ~ 44070 yuan / ton, and the transaction price of copper is 43990 yuan / ton ~ 44080 yuan / ton. Shanghai copper futures rose to 43800 yuan / ton above shock finishing. Morning market next month ticket rise water 180 ~ rise water 200, when the month ticket quotes rise water 200 ~ rise water 210 yuan / ton, the low price goods source is favored by the market high, the transaction is OK, then rises the water to lift, that month ticket flat water copper is as high as 210 yuan / ton, good copper is as high as 220 yuan / ton, but the transaction is not as good as the morning market, wet copper quotes 150 to 180 yuan per ton per day, downstream to enter the market to supplement items, mostly when the monthly ticket. Today, the market transaction still revolves around the demand for bills of the current month, and most of the holders have carried out next month ticket transactions, and the difference between the ticket price of that month and that month is about 20 yuan / ton, the inventory has maintained a downward trend, and the holder is still not satisfied with raising the water at the same time. However, with the market rising at the same time, the acceptance of traders still needs to undergo repeated seesaw tests between delivery and investment, and both supply and demand are competing for the right to speak in the transaction at the end of the recent month.

Today, the spot price of electrolytic copper in Guangdong province rose 200 cents 210 to that month's contract, the average price fell 10 percent, while the wet process copper rose 150 cents 160, the average price fell 10 percent. The average price of electrolytic copper is 44085 yuan / ton, while that of wet copper is 44035 yuan / ton. In the spot market, inventory continued to decline slightly, and the holder supported a strong demand for goods. Pingshui Copper reported 220 yuan / ton (next month ticket) in early trading, but downstream delivery was not active, so the holder could only reduce the price to 200 yuan / ton (next month ticket). However, the holder is only willing to reduce the price to 200 yuan / ton (next month ticket). In addition, more wet-process copper has entered the market today, which is also another key factor in suppressing the rising water of flat-water copper. Today's mainstream trading price of wet-process copper is about 160 yuan / ton (next month's ticket). It is also understood that the supply of goods stored in the south is tight recently, and even there is a situation that it is difficult to obtain goods, and the transaction price of goods stored in the south is generally high. Generally speaking, today's market favors low-price wet-process copper, high-price flat copper and good copper in general.

Today, the spot price of electrolytic copper in North China is quoted at 160 yuan / ton to 230 yuan / ton for that month's contract, with a transaction price of 43960 yuan / ton to 44180 yuan / ton. Shanghai copper rose to 43900 yuan / ton above shock finishing, smelters still continue to bid, continue yesterday's quotation at more than 200 yuan / ton, downstream continue to maintain demand, supply and demand to maintain yesterday's quotation unchanged, the average price of rising discount is the same as yesterday, the recent rising water remained at around 200 yuan / ton, there is no bright spot.

Yangshan copper

Today's warehouse receipt is quoted at US $105 / ton, which remains unchanged from the previous day; the bill of lading is quoted at US $98 / ton, with an average price of US $1 / ton lower than the previous day, QP June. The LME0-3 discount is US $28.70 / ton. The import loss is around 120 yuan / ton.

Today, the price has improved slightly, and the activity of the foreign trade market has increased compared with yesterday, but the transaction performance is light. At present, the market is not enthusiastic about the supply of goods in late June. Recently, at the end of May and early June, the supply of incoming bills of lading gradually flowed out, and the holders took the initiative to lower their quotations in order to get rid of them. the offer of the second brand bill of lading was around US $100 / ton, which was not much different from the unit price in Yuanyue. The buyer's inquiry volume is limited, as the expected premium is likely to fall further, showing a cautious wait-and-see. Warehouse receipts have not been heard of and offers are rare.

At present, the transaction price of fire good copper warehouse receipt is around 105 US dollars / ton, mainstream fire method 100 US dollars / ton, wet method 95 US dollars / ton; good copper bill of lading 98 US dollars / ton, mainstream fire 92 US dollars / ton, wet method 83 US dollars / ton.


LME copper stocks today were 270925 tonnes, down 850t, or 0.31 per cent, from the previous day.

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