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July 28th SMM Guangdong copper spot market KuaiBao: the maintenance demand of downstream copper rod factories is weak and the discount expands again.
Jul 29,2020 11:57CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 29: today, the spot price of electrolytic copper in Guangdong Province offered a discount of 80-0 to the monthly contract, with an average price drop of 30 yuan / ton; wet copper quoted a discount of 140-130 yuan per ton, with an average price drop of 40 yuan / ton. The average price of electrolytic copper is 51680 yuan / ton, while that of wet copper is 51585 yuan / ton. Spot market: although inventories in Guangdong are still increasing today, the growth rate has slowed significantly compared with before, and copper prices have fallen slightly today, and the theoretical rising water will stop falling; but downstream consumption is really weak. Several copper poles are scheduled to stop production and overhaul near the end of the month, and production is not expected to resume until next Monday. Affected by this, the bearer took the initiative to reduce the price in the morning trading, and kept lowering the price of the goods during the day. By 11:00, good copper had fallen to 0 yuan / ton, flat copper to-80 yuan / ton, and wet-process copper to-130 yuan / ton. It is worth noting that with the expansion of the discount, traders began to receive goods to make warehouse receipts, yesterday's warehouse receipts have increased by 1500 tons, it is estimated that more warehouse receipts will be made in the next few days. In addition, recently, there are also a lot of non-standard copper into the market, which is another important reason for the continued decline in flat copper prices. Taken together, we think that the rising water may continue to decline slightly in the next two days, but the rate of decline is limited.

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