Information: On November 13, the electrolytic copper spot inventory in the domestic market was 53,800 tons, a decrease of 7,200 tons from the 6th, and a decrease of 4,100 tons from the 9th; Shanghai stocks were 43,400 tons, a decrease of 4,300 tons from the 6th, and a decrease from the 9th. 02,800 tons; Guangdong inventory was 5,600 tons, a decrease of 3,400 tons from the 6th, and a decrease of 1,800 tons from the 9th; Jiangsu inventory was 2,000 tons, an increase of 0,500 tons from the 6th, and an increase of 0,500 tons from the 9th. The overall domestic inventory continues to decline, mainly because the arrival of warehouses in various regions is still relatively limited. In addition, downstream stocks are replenished at low prices on weekends, and the inventory destocking trend continues.
Summary: Today, the price of refined copper rods is mainly concentrated at 67840-68220 yuan/ton, and the price of recycled copper rods is mainly concentrated at 66900-67400 yuan/ton. In terms of refined copper rods, the market performance is divided by region. In East China and North China, as the delivery month is approaching, the overall consumer sentiment remains at a moderately low level and the trading performance is average; in South China, the performance is mixed, and some companies said that the trading volume is relatively sparse. Most of them focus on long-term delivery, while some large-scale copper rod companies with sufficient spot goods have relatively good overall zero-order transactions, with a transaction volume of more than 1,000 tons. In terms of recycled copper rods, market transactions have been light, market quotation activity has declined month-on-month, and manufacturers' shipment performance has been weak. Most midday trading volumes are only 2-5 cars. Some low-priced sources have acceptable transactions, but due to limited quantities, The proportion of orders in this part is also small.
Forecast: Recently, copper prices have mainly fluctuated and the market has changed significantly. Most downstream customers have a replenishment mentality at low prices and purchase a small amount of raw materials for production.
-Refined copper rod market-
East China: Market trading performance is average. Spot premiums have continued to fall in recent days, coupled with a slight decline in copper prices, which has a limited boost to downstream consumption. The overall consumer sentiment remains at a moderately low level, purchasing enthusiasm is average, and transaction performance has not improved significantly; from Judging from the specific transactions in the morning, the order volume of small and medium-sized copper rod companies is generally 400-600 tons, and the order volume of a large company is around 1,200 tons.
North China: Market trading performance has not improved. The spot premium of refined copper has fallen back today, and individual copper rod companies have lowered their processing fee quotations. However, as the delivery month is approaching and the monthly difference is large, the market's wait-and-see sentiment has increased, and some downstream wire and cable companies have Waiting for the transaction to be carried out after delivery, copper rod companies reported that today they will mainly execute the tentative contract.
South China: Market performance is mixed. Copper prices still have little change and fluctuate around key points. In addition, the premium for electrolytic copper in Guangdong is still high. Although it has been slightly lower than last Friday, the overall zero order processing fee is still at a high level. , most copper rod companies and traders reported that it is very difficult to complete single orders, the transaction volume is relatively sparse, and most of them are long-term delivery; however, some large copper rod companies with sufficient spot goods have concentrated supplies before the month change due to large downstream players. Due to the demand for warehouses and the transfer of some orders, the overall zero-order transaction situation is relatively good, with the transaction volume exceeding 1,000 tons.
-Recycled copper rod market-
North China: The market quotations are mostly 67,100-67,200 yuan/ton, which is 50-150 yuan/ton lower than the market price. The market trading atmosphere is weak, and the transactions are still mainly based on low-priced goods in the market. At present, the bearish sentiment in the market has increased, and terminal companies are not very willing to receive goods. Judging from the market transactions, many copper rod manufacturers reported that they recorded 3-5 car transactions, and only some low-priced supply sources performed well.
East China: The market quotations are mostly 66,900-67,100 yuan/ton, which is 350-150 yuan/ton lower than the market price, and the difference between fine and waste rods has narrowed slightly; the overall transaction situation in the market today is still relatively average, and the narrowing of the price difference has weakened the price advantage of finished products. , although the inquiry enthusiasm for some low-priced supplies during the noon trading period is still relatively good, the actual order volume is still limited. As of press time, the transaction volume of low-priced supplies is mostly around 300 tons, while the transaction volume of low-priced supplies remains at more than 100 tons. Around tons.
South China: Market quotations are mostly between 67,150 and 67,250 yuan/ton, which is a discount of 100 yuan/ton to the market, and the regional spread has narrowed significantly. Today's market trading volume has declined month-on-month, mainly due to the decline in copper prices, which has narrowed the spread. The substitution effect of finished products has been reduced, and the initial fixed price of most traders is the lowest in the market, so transaction competition is fierce. At the same time, some copper rod companies have also lowered their quotations to promote transactions despite weak sales. Therefore, transactions at noon are basically concentrated in The price is 67,150 yuan/ton, and the trading volume is mostly around 200 tons.
-Raw material market-
Electrolytic Copper - Shanghai Market: The spot transaction price of No. 1 electrolytic copper in the Shanghai market was 67,450 yuan/ton, a decrease of 245 yuan/ton from the previous trading day. Mainstream market quotations for good copper rose by 150 to 170 yuan/ton, down 100 yuan/ton from the previous trading day; flat water copper rose from 130 to 140 yuan/ton, down 100 yuan/ton from the previous trading day; wet copper It rose 30 to 60 yuan/ton, down 115 yuan/ton from the previous trading day.
Electrolytic Copper - Guangdong Market: As of 11:00 a.m. on November 13, the middle price of 1# electrolytic copper in the Foshan market was 67,710 yuan/ton, down 205 yuan/ton from the previous trading day; the price of good copper rose by 420 yuan/ton, It fell by 40 yuan/ton from the previous trading day, and the price of Pingshui copper rose by 400 yuan/ton, which was down by 50 yuan/ton from the previous trading day.
Recycled copper: Copper prices have retreated and trade has cooled down. There are not many upstream traders to deliver early orders. Some traders have already completed replenishment over the weekend. Therefore, today's trade is not very popular and continues to lower prices. Among them, small and medium-sized cargo traders are facing greater financial pressure and have once again chosen the storage mode. , reduce financial pressure. Due to the poor performance of finished product orders by downstream manufacturers and the strong spot price of scrap copper, although there is purchase demand, the quotations are difficult to meet traders' psychological expectations. The supply of goods circulating in the market flows to manufacturers with price advantages. Before the raw material inventory is exhausted, the purchasing pace of copper companies will be reduced. keep it steady. In terms of scrap brass, it is difficult to find supply in the market. The holders are in short supply and have difficulty replenishing their stocks. The competition for spot premiums is becoming more and more intense. Basically, as soon as there is a circulating spot, it will be ordered away. The production pace of downstream manufacturers is restricted by insufficient raw materials. The production of a few small and medium-sized enterprises has been intermittent, making procurement more difficult.
