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July 22nd SMM Shanghai Copper spot Market Express: copper rebounded downstream fear of high buying interest suppressed rise and water fell sharply
Jul 22,2020 12:13CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM July 22nd: today, the spot price of electrolytic copper in Shanghai is quoted for that month's contract: 20 to 120 yuan / ton, leveling copper transaction price 52500 yuan / ton ~ 52630 yuan / ton, water copper transaction price 52560 yuan / ton ~ 52700 yuan / ton. Overnight gold and silver crude oil rose sharply, leading the base metals to turn red across the board. Copper in Shanghai rebounded by 1.5% and rose by 52600 yuan / ton, an increase of about 700 yuan / ton. In the morning, the consignor quoted Pingshui copper for 50 RMB60 / ton, good copper 110Mel 130 yuan / ton, fear of heights rose again, and it was difficult to get an actual deal. The outflow of superimposed warehouse receipts increased the willingness of holders to exchange high positions. Some consignors tried to reduce prices to promote trading, and rising water opened the way of downward adjustment. Pingshui copper dropped directly to about 30 yuan / ton of rising water, and the inquiry improved, and the buying interest improved. It is difficult to quote a good copper shipment and adjust it to about 100 yuan / ton. Entering the second section of the trading stage, the overall transaction of the market is still weak and difficult to rise. Flat copper has actively dropped to 20 yuan / ton of rising water, and the long order is sold to pick up the goods, so that the rising water temporarily stabilizes, the room for good copper price reduction is limited, and the transaction price is maintained at 80,000,100 yuan / ton. there is a big difference in the quotation of wet-process copper. Some of the top bidders are always at a discount of 30 yuan per ton, while some of the low-end difference of wet-process copper can be as low as around 100 yuan. The average price of wet copper is passively dragged down by the discount of about 60 / ton. Copper prices have risen by more than 1,000 for two consecutive days, copper prices are high, the outflow of goods continues to increase, and the downstream is back to being afraid of high prices to stop and wait and see. Today, most of the market transactions are still long single traders, but under the strong market, the target psychological price may be even lower. Sellers are more concerned about high and fast cash.

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