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[selected SMM Weekly] strong shipping sentiment in the pre-holiday market Yangshan copper premium accelerates the downward trend.
Sep 26,2020 11:04CST
translation
Source:SMM
[selected SMM Weekly report: strong pre-holiday market shipping sentiment Yangshan copper premium accelerated downward] turnover in the US dollar copper market continued to be light this week, and the pattern of pre-holiday oversupply further highlighted that Yangshan copper premium accelerated its decline to a new low for the year. In terms of demand, the actual demand for copper downstream and the financing needs of traders are limited. At the beginning of the week, the import loss expanded again to more than 800 yuan / ton, and the import financing of traders was limited.
The content below was translated by Tencent automatically for reference.

This week, "SMM Copper Industry chain Weekly report" was released, and the editor selected hot topics, prices, market or major changes in the industry chain and published articles for your reference.

This week (September 21-September 25) Yangshan Copper premium warehouse receipt transaction range of 44-62 US dollars / ton, bill of lading 29-55 US dollars / ton, QP October (2010 LMES3). As of September 25, the Shanghai-Lun ratio was 7.73.

Trading in the US dollar copper market continued to be light this week, and the pattern of oversupply before the festival further highlighted the accelerated decline of Yangshan copper premium to a new low for the year. In terms of demand, the actual demand for copper downstream and the financing needs of traders are limited. At the beginning of the week, the import loss expanded again to more than 800 yuan / ton, and the import financing action of traders was limited; from the perspective of downstream consumption, the demand for stock before this round was relatively limited, and the buyer's demand for the recent arrival of goods in Hong Kong was almost zero under the large loss in the specific price. Traders holding the sources of goods arriving in Hong Kong at the end of September and early October were forced to lower their quotations again and again. At present, the price of the second card is concentrated in the range of 40-45 US dollars per ton, while the mainstream fire method is about 35 US dollars per ton, but it is difficult to see a deal. During the week, the LMEback structure shrank rapidly, narrowing the 0-3 liter discount from 40.25 to 3.75 US dollars / ton, which increased the confidence of traders with goods arriving in Hong Kong in late October and November to the post-holiday market. they mostly maintained a wait-and-see attitude and did not make quotations, looking forward to the return price to continue to rise after the festival. at present, the mainstream quotation in the market is 55 US dollars / ton for the second card and less than 50 US dollars per ton for mainstream fire. Unilateral trading in the position is still light, and the willingness to cash before the festival drives prices to continue to decline. At present, warehouse receipts are quoted at US $44-55 per tonne, with an average price of US $8 per tonne lower than last Friday, while bills of lading are quoted at US $29-42 per tonne, with an average price of US $14 per tonne lower than last Friday. As the National Day holiday approaches, the trading atmosphere in the US dollar copper market is even more desolate.

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