[Cui Dongshu of the Passenger Car Association: The travel demand in the county and township markets has huge potential, which will promote the gradual strengthening of the auto market at the end of the year]
Information: Cui Dongshu, secretary-general of the Passenger Car Association, issued a document saying that in October 2023, the retail sales of the passenger car market reached 2.033 million units, a year-on-year increase of 10% and a month-on-month increase of 1%. This year, a total of 17.27 million vehicles have been sold, a year-on-year increase of 3%. In October this year, the retail sales of the automobile market strengthened month-on-month, forming a strong trend of "Silver Nine and Golden Ten". This is also a common trend in recent years. The reason is that the growth momentum of new energy vehicles drives the month-on-month strengthening. In October, car market promotions continued to increase, with sales of fuel vehicles and new energy vehicles increasing month-on-month, and consumer demand for car purchases has been released. With the help of the "Double 11" e-commerce promotion wave, the demand for car purchases will gradually be released. As the weather turns colder in winter and the autumn harvest is completed, the enthusiasm for car buying in rural areas will gradually be released, and the market for new energy vehicles and mid- to low-end fuel vehicles will gradually heat up.
Summary: Today, the price of refined copper rods is mainly concentrated at 67,980-68,360 yuan/ton, and the price of recycled copper rods is mainly concentrated at 67,050-67,500 yuan/ton. In terms of refined copper rods, market trading performance was average. There was no significant change in market trading sentiment today. Although individual companies lowered processing fees to seek transaction opportunities, it did not have a significant effect from the actual order volume performance, and the overall transaction performance was mediocre. In terms of recycled copper rods, market trading performance is poor. Due to high raw material prices and high purchasing pressure, the enthusiasm of copper rod manufacturers to adjust prices has declined slightly. The current price difference of refined scrap rods is more advantageous for recycled rods, but downstream products are mostly on demand. Mainly buying goods, the overall transaction performance was average.
Forecast: Downstream traders are waiting for the right opportunity to replenish their inventories, and short-term zero orders are expected to remain light.
-Refined copper rod market-
East China: Market trading performance was mediocre. Copper prices fluctuated today, spot premiums fell month-on-month, and market trading sentiment did not see significant changes. Small and medium-sized downstream companies still focused on on-demand procurement, and large downstream households were slightly active in replenishing goods. The overall transaction performance was mediocre; from Judging from the specific transactions in the morning, the order volume of small and medium-sized copper rod companies is generally 400-700 tons, and the order volume of a large company is around 1,000 tons.
North China: Market transaction performance is average. Although individual companies have lowered processing fees to seek transaction opportunities, this has not had a significant effect from the actual order volume performance. Large and medium-sized refined copper rod companies have maintained a relatively stable transaction level, with an approximate transaction volume of 300 -500 tons.
South China: The market trading atmosphere is relatively deserted, and copper prices are consolidating within a narrow range at high levels. However, due to the rapid decrease in the supply of electric copper in circulation, the premium of electrolytic copper in Guangdong has increased significantly, and the processing fee for single orders of finished products has increased. In addition, the price difference between far and near copper futures contracts is large, and the market downstream The willingness of enterprises to purchase zero orders has weakened again. Even the transaction performance of some low-priced shaft furnace supply sources that have been continuously reduced is unsatisfactory. Large enterprises also only have zero single transactions of about 300 tons.
-Recycled copper rod market-
North China: The market quotations are mostly 67,200-67,400 yuan/ton. The trading volume of most recycled copper rod manufacturers has not changed significantly, and the trading level is still around 100 tons. Judging from market feedback, most people are currently bearish on the copper price in the future. Therefore, there are many people staying on the sidelines, which limits the growth of some orders.
East China: The market quotations are mostly 67,000-67,300 yuan/ton, which is 450-150 yuan/ton lower than the market price. The difference between fine and waste rods has expanded slightly; the overall transaction situation in the market today is relatively average. Although the price difference has widened slightly today, downstream inquiries The inquiry price is still concentrated on low-priced supply, but the goods are still mainly for rigid demand, and traders' performance in receiving goods is better than that of downstream, with the replenishment volume being more than 300 tons. Overall, the intraday transaction volume of low-priced supply Most of them are around 300 tons, and the market volume of finished products is relatively limited, around 100 tons.
South China: The market quotations are mostly 67,200-67,300 yuan/ton, which is 250-150 yuan/ton lower than the market price, and the regional spread has expanded slightly; today’s market transaction performance has declined compared with yesterday. At the beginning of the noon trading session, due to finished product The price has increased, so the market transactions are not enthusiastic, and most of them are based on inquiries. However, when the external market strengthens in the afternoon, some downstream companies begin to choose to buy at low prices, and most copper rods and traders have loosened their transactions. Judging from the results, today's trading volume is mostly around 300 tons, and there is no large number of orders similar to yesterday's. The overall trading volume has dropped slightly.
-Raw material market-
Electrolytic Copper - Shanghai Market: The spot transaction price of No. 1 electrolytic copper in the Shanghai market was 67,695 yuan/ton, a decrease of 55 yuan/ton from the previous trading day. The mainstream market quotation of good copper rose by 250 to 270 yuan/ton, down 75 yuan/ton from the previous trading day; flat water copper rose from 220 to 250 yuan/ton, down by 65 yuan/ton from the previous trading day; wet copper RMB 150~RMB 170/ton, down RMB 60/ton from the previous trading day.
Electrolytic Copper - Guangdong Market: As of 11:00 a.m. on November 10, the middle price of No. 1 electrolytic copper in the Foshan market was 67,915 yuan/ton, an increase of 120 yuan/ton from the previous trading day; the price of good copper increased by 460 yuan/ton. An increase of 90 yuan/ton from the previous trading day, and the price of Pingshui copper rose by 450 yuan/ton, an increase of 90 yuan/ton from the previous trading day.
Recycled copper: Copper price growth has narrowed, and the market has cooled significantly. In addition to the decrease in quotations in the upstream market, quotations continue to be lowered. With the inventory of holders suffering a slight loss, the willingness to ship is also sluggish, while retail investors mostly ship at capital preservation, and the market outlook is mixed. The quotations of downstream copper plants are stable and falling, but the bargaining space is limited and actual transactions are difficult to advance. In addition, the price difference of refined waste is pulling back and forth. Fortunately, the premium of electrolytic copper is high, and there is no obvious shrinkage of finished product orders for the time being. In terms of scrap brass, the market is in short supply, and the spot price of scrap brass is out of line with the market, and it is easy to rise but difficult to fall. Traders had difficulty replenishing their stocks. Faced with market fluctuations, they did not dare to follow the rising prices and buy goods, resulting in a decline in market transactions. In order to maintain normal production in the factory, downstream manufacturers are forced to accept the current prices of raw materials, and in some cases have to purchase them at a higher price.
