[SMM scrap column] Copper prices weaken at the weekend and scrap merchants avoid shipping.

Published: Jul 3, 2020 20:49

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Daily review of spot trading of scrap copper

Today, the spot price of electrolytic copper in Shanghai is 30 yuan / ton for the current month's contract, the transaction price of copper is 49050 yuan / ton ~ 49390 yuan / ton, and the transaction price of copper is 49060 yuan / ton ~ 49400 yuan / ton. The high level of copper in Shanghai in early trading was blocked at 49400 yuan / ton first-line consolidation. The morning spot market continued yesterday's low quotation level ~ litre 20 yuan / ton. after the low-price supply was quickly taken away, it increased the holder's confidence in holding the price, and the holder's quotation was raised to 10 ~ 30 yuan / ton, but the transaction response was not positive enough, and the quotation was deadlocked. Pingshui copper water rose 10 yuan / ton, good copper water 20 yuan / ton, it is difficult to lower the price, and it is difficult to raise again. Today, good copper and water copper are concentrated in the range of 20 yuan / ton from Pingshui to litre water, and the downstream just needs to buy, the supply of wet copper is increased, and there is a big difference between brands, and the quotation is slightly lowered to 50 yuan / ton to 30 yuan / ton. some poor brands of wet copper stickers can be as large as 70 yuan / ton or more. After the second trading session, the market plummeted by about 300 yuan / ton, the market inquiry atmosphere was active, there was a willingness to buy at a low price, and the performance of the holder was more persistent, trying to hold up the rising water level. therefore, the outflow of goods in circulation in the market today is less than that of yesterday, which makes it difficult to lower the price today, and the performance of rising water is stable for the time being.

The price of bright copper in Guangdong is 44100 yuan / ton ~ 44400 yuan / ton, the same as the previous trading day, the price difference of fine waste is 2154 yuan / ton, and the month-on-month expansion is 47 yuan. According to SMM, copper prices fell slightly on Friday, and scrap copper merchants avoided the risk of shipping, making it easier for manufacturers to replenish raw materials. At present, the price difference between fine copper rods has expanded by more than 2000 yuan, and the operating rate of scrap copper rods has returned to the peak season level. The competition among products is not small, and the price of scrap copper rods rises relatively slowly. In most areas, the price of scrap copper rods is deducted by about 1000 yuan on the disk, which is open again with the price of refined copper rods. Even if high copper prices dampen downstream demand, cheap scrap copper poles are still favored downstream and overall orders remain good.

Import profit and loss of scrap copper

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Scrap metal import and export spot

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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