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July 27th SMM Guangdong copper spot market KuaiBao: weak consumption greatly increased inventory, spot discount continues to expand
Jul 27,2020 11:53CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 27: today, the spot price of electrolytic copper in Guangdong Province offered a discount of 30 yuan to 50% of the contract for that month, with an average price of 20 yuan / ton, while the wet copper newspaper offered a discount of 80 yuan to 70 yuan, with an average price of 40 yuan per ton. The average price of electrolytic copper is 51630 yuan / ton, while that of wet copper is 51555 yuan / ton. Spot market: stocks in Guangdong soared by more than 5, 000 tons over the weekend, with total inventories rising to 37000 tons, the highest since May 7. With the recent weak consumption in Guangdong, the operating rate of many copper rod factories has dropped sharply compared with the previous period, coupled with a marked increase in the arrival of imported copper and domestic copper, resulting in a drop in spot water pressure in Guangdong. Today, the desire to receive goods downstream is still in the doldrums, and the holders can only keep lowering the rising water for shipment, but the effect is still not good. By around 11:00, flat copper has been quoted at a discount of 40 yuan 50 yuan / ton, which is 40 yuan / ton lower than in the early trading. The wet method has also dropped to 70 amp 80 yuan / ton, while good copper remains at a high level, that is, 40 yuan 50 yuan / ton, due to tight supply. We believe that there is still room for rising water to fall in the near future, and before consumption recovers obviously, Guangdong rising water will remain at a low level and it will be difficult for it to rise significantly.

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