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SMM Shanghai Copper spot Market Express on July 2: copper prices are high, supply is high, spot prices are falling to discounts, and it is difficult to recover from trading fatigue.
Jul 2,2020 12:21CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 2: today, the spot price of electrolytic copper in Shanghai is quoted at a discount of 10 yuan / ton to 40 yuan / ton, flat copper transaction price of 49410 yuan / ton to 49520 yuan / ton, and riser copper transaction price of 49420 yuan / ton to 49520 yuan / ton. The high concussion of copper in Shanghai was sorted out at 49500 yuan / ton. In the morning, the supply of copper was still abundant and the willingness to cash was clear. Most of them came from imported copper sources, continuing the slide-like rhythm of the previous few days. The price offered by the holder continued to decline, and the market willingness to receive goods was always low. Under ample supply, the holder accelerated to lower the quotation, and the good copper dropped from around 50 yuan / ton to 10 yuan / ton. Pingshui Copper only shows its willingness to receive goods from the quotation of 40 yuan / ton to 10 yuan / ton of discount. Keep wait-and-see downstream, wet process copper quotation from 20 to 50 yuan / ton discount and there is still room for substantial price reduction. Plate strong copper prices are high, stocks are increased, market consumption is afraid of heights and buying is weak, market risk aversion vigilance is still high, it is difficult for the market to quickly digest imported copper, and the daily output of the warehouse has dropped sharply recently. in the short term, spot prices may soon turn to a comprehensive discount situation.

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