Copper prices are strong and fluctuating, and downstream demand rebounds slowly
Shanghai market: In the morning, some cargo holders maintained their quotations at yesterday's transaction level, and mainstream flat-water copper sources such as Xiangguang and JCC were quoted at 70 yuan/ton. The supply of a few imported brands is quoted at 80 yuan/ton, and good copper such as Guiye and Jinchuan Daban is quoted at 60 to 50 yuan/ton. However, copper prices have strengthened again, and imported goods are still arriving. The downstream sentiment of entering the market is cautious, and spot transactions are difficult to improve.
Foshan market: Copper prices surged high during the day and then fell back. In the morning market, flat copper prices were quoted at 50 to 30 yuan/ton. The spot premium in the market continued to rise. In the morning, traders quoted a strong price of 30 yuan/ton. There were not many transactions. The quotation was lowered to 50 yuan/ton, and the transactions were also very limited; in addition, the social inventory continued to rebound, and the downstream sentiment of entering the market was low, with few new orders, and rigid demand purchases were maintained.
Tianjin market: The market quotation continues to maintain a discount of 250 yuan for shipments. Downstream consumption is relatively average. At the same time, the inventory of smelting plants is high on weekends. Some companies have certain moves to dump goods, but downstream interest is not high and demand performance is biased.
Chongqing market: Copper prices rose slightly today, and there were no inquiries or counter-offers downstream from the holders at the initial stage of quotation, which confirmed that the willingness to buy in the market was low; even if some holders quoted prices at discounts, there was no obvious transaction; in addition, there were no obvious transactions in the Chongqing area. The order arrives at the warehouse, but the downstream willingness to pick up the goods is not strong.
