1. Today’s price
2. Market summary
Shanghai market: The mainstream flat-water copper in the morning market opened at 150 yuan/ton, good copper such as Jinchuan plate was quoted at 180 yuan/ton, and wet-process copper such as RT was quoted at 120 yuan/ton, but the market feedback was basically unclear. Inquirers, spot transactions were light, and some holders were actively lowering prices to sell goods. The supply of goods in the market improved compared with the previous period. Spot premiums continued to fall and fell to around 50 yuan/ton, showing some transactions. However, the copper price rebounded significantly during the day. In addition, on the eve of the delivery of the November 11 contract, the monthly difference structure of BACK once again expanded to more than 300 yuan/ton. The downstream basically stayed on the sidelines and had poor purchasing intentions.
Foshan Market: Copper prices rose sharply today. Guangdong's social warehouses continue to decline, arrivals have reduced and pickups have increased, and the tight market supply situation is difficult to change; however, with the month change approaching and the monthly difference remaining at 300 yuan/ton, downstream purchasing sentiment is not high today. Subsequently, cargo holders slightly adjusted the premium for shipments. The price difference between Shanghai and Guangdong has widened again, and the pattern of high water premiums may continue after the delivery month changes.
Tianjin market: Market prices began to rise, and corporate quotations followed the fluctuations of the Shanghai market, significantly reducing market spot premiums for shipments. Currently, there is not much demand from downstream companies.
Chongqing Market: The frequency of price adjustments in today's market is relatively fast. As the delivery month is approaching, the price difference between far and near copper futures contracts is still at a relatively high level. In order to avoid substantial losses on the spot caused by the month change, most holders quoted high prices at the beginning of the trading period. Then choose to lower the premium to promote the transaction.
3. Transaction status
Shanghai market: The spot premium continued to fall and fell to around 50 yuan/ton, with some transactions being completed. Subsequently, it fell again to a flat level of ~10 yuan/ton, and transactions were concentrated. As the low-priced goods were gradually completed, the quotation rebounded to 30 yuan/ton. The performance has stabilized at ~40 yuan/ton.
Foshan market: Downstream companies mainly purchased goods for rigid needs at low prices. The overall transaction volume in the Guangdong market today was poor.
Tianjin market: The overall transaction volume is low. As the delivery month is approaching, the consumption of refined copper has entered a period of weakness, and the purchases of companies basically fluctuate around 100-200 tons.
Chongqing market: Due to the overall high copper price and the suppressed buying interest of downstream copper plants at the monthly change node, the single transaction performance of the Sichuan and Chongqing markets still shows no improvement. Most companies choose to wait for the entry of new contracts before trading, and the market transaction atmosphere remains deserted.
