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[SMM scrap Copper column] Copper prices fall due to tensions between China and the United States. Scrap copper merchants are afraid of falling out of goods.
Jul 23,2020 18:18CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

Daily review of spot trading of scrap copper

Today, the spot price of electrolytic copper in Shanghai quoted a price of 30 yuan / ton to 100 yuan / ton for that month's contract, 51680 yuan / ton to 51990 yuan / ton for Pingshui copper, and 51730 yuan / ton to 52050 yuan / ton for Shengshui copper. Under the influence of the tense situation in Sino-US relations, all the non-ferrous basic metals turned green, the copper fell sharply overnight, and the copper in Shanghai fell back to below 52000 yuan / ton to as low as 51700 yuan / ton. The holder basically continues yesterday's quotation style, good copper water 80 ~ 100 yuan / ton, Pingshui copper water 30 yuan / ton, the market holds a cautious wait-and-see attitude; Entering the second trading session, copper prices fell, and the market was willing to buy flat copper with a rising water of 20 yuan / ton. After the transaction was significantly improved, the holders held firm quotations. Flat copper was concentrated in rising water 30 to rising water 40 yuan / ton, and good copper was maintained at about 100 yuan / ton, but the transaction was inferior to flat copper. After the copper price fell, the wet price narrowed slightly and remained around 50 yuan / ton. Copper prices fell after some downstream bargain replenishment, traders are mostly long single users, mainly to cut prices, rising water temporarily stable during the pullback.

The price of bright copper in Guangdong is 46100 yuan / ton ~ 46400 yuan / ton, which is 500 yuan lower than that of the previous trading day, and the price difference of fine waste is 2505 yuan / ton, which is 202 yuan narrower than the previous day. Copper prices have fallen due to the tension in Sino-US relations, and scrap copper merchants are afraid to sell goods more actively, while waste enterprises mainly buy goods on demand, and their willingness to copy the bottom is not strong, but some of the lower reaches are still bullish on the future and take advantage of low prices to pick up goods as soon as possible.

Import profit and loss of scrap copper

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