Information: On November 20, the electrolytic copper spot inventory in the domestic market was 59,800 tons, an increase of 6,000 tons from the 13th, and an increase of 7,300 tons from the 16th; Shanghai inventory was 47,800 tons, an increase of 4,400 tons from the 13th, and an increase from the 16th. 05,300 tons; Guangdong inventory was 7,500 tons, an increase of 1,900 tons from the 13th, and an increase of 1,500 tons from the 16th; Jiangsu inventory was 2,000 tons, the same as the 13th, and the same as the 16th. Domestic inventory performance has rebounded, mainly due to the increase in market arrivals. Among them, imported copper has recently arrived in Shanghai, and copper prices and premiums have gone up and down. The overall downstream consumption performance has been poor.
Summary: Today, the price of refined copper rods is mainly concentrated at 68,830-69,330 yuan/ton, and the price of recycled copper rods is mainly concentrated at 67,600-68,000 yuan/ton. In terms of refined copper rods, the overall market performance is poor. Spot premiums are rising and copper prices are rising. Downstream purchasing sentiment has significantly weakened. The market trading atmosphere is relatively deserted, and it is very difficult to promote transactions. In terms of recycled copper rods, the market transaction performance is slightly differentiated by region. The actual transaction volume in North China has not increased significantly; the transaction performance in East China is quite satisfactory; the performance in South China is mixed, and the transaction performance among various enterprises is slightly different, with high and low prices. Transactions were recorded for all sources of goods.
Forecast: The premium of refined copper remains high, and some refined copper rod companies in the market have staged production suspensions. It is expected that the output of refined copper rods will decline in the near future; as the price difference of refined scrap rods widens, the consumption of recycled copper rods will improve.
-Refined copper rod market-
East China: Market trading performance was light. Spot premiums increased and copper prices rose. Downstream purchasing sentiment weakened significantly, and the market trading atmosphere was relatively deserted. Transactions were mainly concentrated in long-term orders or orders for large downstream customers, and some manufacturers had some control over long-term order sales. Judging from the specific transactions in the morning, the order volume of small and medium-sized copper rod companies is generally 300-500 tons, and the order volume of large companies is 600-800 tons.
North China: The overall market performance is poor, and inquiries are relatively active today. However, because the market premium for electric copper is still high, and the market price has also increased today, the downstream willingness to price is extremely low, and copper rod manufacturers also reported poor order performance. , today's actual transaction volume is less than 60% of last week, and individual companies only have a transaction volume of about 200-300 tons.
South China: The market performance was average. Copper prices rose slightly in early trading. However, the premiums and discounts for electrolytic copper in Guangdong were raised again. Affected by this, there was a certain degree of confusion in the quotation of zero-order processing fees for copper rods. The market's high and low quotations appeared to be more than 200 yuan/ton. price difference, but the transaction situation is relatively similar. Both copper rod companies and traders have reported that it is very difficult to promote transactions. The high premium and high copper price have obvious obstacles to single transactions. The single transaction volume is mostly 200 tons. Within.
-Recycled copper rod market-
North China: The market quotations are mostly 67,750-67,900 yuan/ton. As the price difference between refined scrap rods gradually widens, the market demand for purchasing recycled copper rods has increased slightly, but there is no significant increase in actual transaction volume, mainly due to At present, the price has not yet reached the psychologically expected price level of the downstream, and there are still many people with a bearish attitude in the market. Therefore, individual companies' periodic low-price supply transactions are acceptable, but the delivery efficiency is still not high.
East China: The market quotations are mostly 67,600-67,900 yuan/ton, which is 360-90 yuan/ton lower than the market price, and the difference between fine and waste rods has narrowed slightly; today’s market transaction performance is quite satisfactory. Although copper prices have strengthened, but fine scrap However, there is no obvious sign of widening, and even narrowing to a certain extent. However, from the perspective of transactions, today’s transactions are mainly purchased by old customers. There is a certain amount of transaction performance for low-price and affordable sources, but some are low-priced. However, companies with low price supply said that the trading volume was not as good as in previous days, and the trading volume was slightly chaotic. The trading volume of most copper rod companies was around 200 tons, and the trading volume of some companies with acceptable performance was in the 300-400 tons range.
South China: The market quotations are mostly 67,800-67,900 yuan/ton, which is 190-90 yuan/ton lower than the market price, and the regional bar difference has narrowed month-on-month; today's market transaction atmosphere is also mixed, with slight differences in transaction performance among various companies. However, the transaction price range is similar to that in Jiangxi. Transactions were recorded for both high and low price sources, but the main transaction prices were concentrated in the range of 67,850-67,900 yuan/ton, and the transaction volume of most copper rod companies and traders was around 300 tons.
-Raw material market-
Electrolytic Copper - Shanghai Market: The spot transaction price of No. 1 electrolytic copper in the Shanghai market was 68,635 yuan/ton, an increase of 345 yuan/ton from the previous trading day. The mainstream market quotation of good copper rose by 700 to 720 yuan/ton, an increase of 50 yuan/ton from the previous trading day; flat water copper rose by 650 to 680 yuan/ton, an increase of 45 yuan/ton from the previous trading day; wet copper RMB 600~RMB 630/ton, an increase of RMB 65/ton from the previous trading day.
Electrolytic Copper - Guangdong Market: As of 11:00 a.m. on November 20, the middle price of No. 1 electrolytic copper in the Foshan market was 68,560 yuan/ton, an increase of 340 yuan/ton from the previous trading day; the price of good copper increased by 650 yuan/ton. An increase of 50 yuan/ton from the previous trading day, and the price of Pingshui copper rose by 630 yuan/ton, an increase of 50 yuan/ton from the previous trading day.
Recycled copper: Copper prices rose slightly, and spot liquidity in the market was weak. Most traders in the upstream have delivered more than half of their orders last week. However, due to the frequent fluctuations in copper prices, the market's mentality of holding back goods has gradually emerged, and the available spot goods on the market have tightened. Combined with the tight funds at the end of the year, retail investors in particular are afraid to stock up in large quantities, resulting in large cargo traders Competition among traders is fierce, and spot prices are easy to rise but difficult to fall. The inventories of downstream copper plants have almost risen to above safe production stocks, and raw materials in transit are gradually arriving at the factory. The problem of raw materials is temporarily suspended. In addition, finished product orders are affected by the off-season. Even if the refined waste price difference widens, the situation is not optimistic. Combined with the transaction situation at the end of the year There are more jobs and there are signs of further tightening in demand. In terms of scrap brass, spot scrap brass is scarce, prices are firm, upstream and downstream purchasing sentiments are high, and quotations are positive. However, all parties are not optimistic about transactions, and there is an increasingly serious premium phenomenon due to competition.
