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July 9 SMM Shanghai Copper spot Market Express: copper prices jump far more than 50, 000 liters of water slide market afraid of high stop
Jul 9,2020 12:15CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 9: today, the spot contract for electrolytic copper in Shanghai is quoted at 40 yuan per ton for the current month, with a transaction price of 50440 yuan per ton to 50700 yuan per ton, and a transaction price of 50450 yuan per ton to 50720 yuan per ton. A-share continued to rise, with frequent news of mine production expansion and shipping delays in South America, and the bullish atmosphere pushed copper prices higher step by step. Copper in Shanghai broke through the 50, 000 mark to 50700 yuan / ton, rising by more than 700 yuan / ton. At one point, the price gap in the morning market narrowed to flat every other month. The holder raised the quotation for good copper and offered 50 yuan per ton for copper, but the market was so afraid of heights that they all stopped to wait and see. The holder showed obvious willingness to cash at a high level. In the case of fruitless trading, good copper took the lead in opening the downward mode, rising water first dropped to about 40 yuan / ton, and leveling copper holders declined all the way in order to close the deal. If it is lowered to 20: 30, there will be a partial deal; Entering the second trading stage, the market can not help but slow down the traders who want to close the transaction quickly, lowering the flat copper adjustment to flat water, the transaction is difficult, and the wet copper is as low as 100 yuan / ton, no one is interested, and most of them have room to lower the price. Copper prices are rising strongly, and the lower reaches remain on the sidelines. Today, the monthly price difference has obviously narrowed, the holders are tangled, and delivery is approaching, and there is a contradiction between cash exchange and the willingness to support rising water, and it is difficult for traders to do anything. There is a lack of support and cooperation in spot transactions under high copper prices.

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