Information: Cui Dongshu, secretary-general of the Passenger Car Association, issued a statement today saying that the new energy vehicle market strengthened seasonally in October, domestic retail sales increased slightly from September, and exports still maintained strong growth. Since the beginning of this year, a total of 5.97 million vehicles have been sold, a year-on-year increase of 35%. A total of 850,000 units were exported from January to October, a year-on-year increase of 0.9 times. The purchase of plug-in hybrids for consumption upgrades has grown rapidly. Therefore, the trade-up in the new energy vehicle market was strong in October, driving the strong growth of plug-in hybrids. In 2023, new energy passenger vehicles will account for 31.2% of the total sales in large cities, a decrease of 1.3 percentage points from 2022, indicating that the sales growth rate of new energy vehicle markets in large cities has gradually slowed down, and the market demand in medium-sized cities has been strong recently, and counties and rural areas New energy sources in the market are gradually launched.
Summary: Today, the price of refined copper rods is mainly concentrated at 68,790-69,170 yuan/ton, and the price of recycled copper rods is mainly concentrated at 67,600-68,100 yuan/ton. In terms of refined copper rods, the market performance was mixed. Among them, the trading performance in East China was acceptable, and the majority of transactions were mainly due to the large downstream households just needing to replenish their stocks, and small and medium-sized enterprises purchased a small amount; the trading performance in North China was relatively average, limited by the high spot premium, and processing Fees remain high, and the inventory of finished copper rods in the region is currently low; the trading performance in South China is poor. Since the processing fee for zero orders is still higher than the long-term order price, the progress of market order transactions is slow. There are many transactions and the downstream just needs to replenish the inventory. Mainly, the pace of long-term bills of lading has also slowed down. In terms of recycled copper rods, the market transaction performance has rebounded slightly from the previous month. The supply of low-priced goods in the market has increased from the previous month. The transaction performance is acceptable, and most of them are copper rod traders. The shipping enthusiasm of some manufacturers is acceptable, and the downstream replenishment is on demand. The overall trading volume increased slightly from the previous month.
Forecast: Demand from terminal consumer groups will weaken at the end of the month, and most downstream cable manufacturers will maintain on-demand replenishment. Copper prices remain high and volatile. It is expected that copper rod consumption will heat up slightly in December.
-Refined copper rod market-
East China: The market trading performance is relatively active. Copper prices fell month-on-month today, and downstream purchasing intentions have rebounded. The market trading atmosphere has recovered slightly. However, due to the dual impact of high copper prices and high water premiums, most of the transactions are mainly for large downstream customers who just need to replenish their stocks. , small and medium-sized enterprises purchased in small quantities; judging from the specific transactions in the morning, the order volume of large enterprises was about 2,000 tons, and the order volume of small and medium-sized enterprises was 800-1,000 tons. The transaction volume continued to increase month-on-month.
North China: Market transactions are generally hot. As spot premiums have begun to fall, the quotations for processing fees for fine copper rods have been slightly lowered. Coupled with the decline in copper prices, end customers have become slightly more willing to purchase goods at a lower price. At the same time, a copper rod factory has reported that new orders have been received recently. The performance is acceptable, but due to the high spot premium and compressed processing profits, it is not suitable to purchase orders in bulk, so processing fees remain high. Currently, the inventory of finished copper rods in the region is low.
South China: The overall market performance is poor. Although today's copper price and Guangdong spot premium have both been reduced, the zero order processing fee is still higher than the long order price, so the market order transaction progress is still slow; judging from the specific transactions, the intraday market quotation It is still chaotic, and the price difference between high and low processing fees is still about 200 yuan/ton. However, even some low-priced spot supplies still indicate that the progress of transactions is very difficult. Most of the transactions are mainly for downstream needs to replenish inventory, and the rhythm of long-term orders is the same. Slowed down somewhat.
-Recycled copper rod market-
North China: The market quotations are mostly 67,750-67,900 yuan/ton, which is 100-250 yuan/ton lower than the market price. The market demand is relatively weak. The market feedback after the midday market quotation is not good. Most downstream cable companies still need to replenish their inventories. Market transactions still tend to be completed with low-priced supplies. Specifically, from the perspective of transactions, many copper rod companies have recorded transactions of 3-4 cars, and some traders have acceptable transactions with low-priced supplies, up to more than 300 tons.
East China: The market quotations are mostly 67,600-67,800 yuan/ton, which is 420-220 yuan/ton lower than the market price, and the difference between fine and waste rods has narrowed slightly; the transaction performance of recycled rods in Jiangxi today is relatively average. Due to the narrowing of the price difference, market trading sentiment During the noon trading period, most copper rod companies stated that the transaction progress was slow. Then in the afternoon, some copper rod companies chose to further lower their quotations to around 67,550 yuan/ton in order to increase shipments. The transaction volume was somewhat relaxed, and the transaction volume was recorded at 300 tons. Around 200 tons, but the trading volume of most copper rod companies is within 200 tons.
South China: Market quotations are mostly 67,750-67,800 yuan/ton, a discount of 270-220 yuan/ton to the market, and the regional rod difference has narrowed slightly; today's market transaction performance is slightly differentiated, with most copper rod companies and traders starting at the beginning of midday trading The market price was quoted at 67,800 yuan/ton, but the downstream response was relatively mediocre. Even if some traders subsequently reported low-price supply, the market transactions were not obviously tense. However, as some copper rod companies reported low-price supply, due to some Regular customers just need to purchase, and the transaction performance is relatively good, with a transaction volume of over 500 tons recorded.
-Raw material market-
Electrolytic Copper - Shanghai Market: The spot transaction price of No. 1 electrolytic copper in the Shanghai market was 68,495 yuan/ton, a decrease of 305 yuan/ton from the previous trading day. The mainstream market quotation of good copper rose by 430 to 450 yuan/ton, down 100 yuan/ton from the previous trading day; flat water copper rose from 400 to 430 yuan/ton, down by 100 yuan/ton from the previous trading day; wet copper RMB 340~RMB 360/ton, down RMB 70/ton from the previous trading day.
Electrolytic Copper - Guangdong Market: As of 11:00 a.m. on November 28, the middle price of No. 1 electrolytic copper in the Foshan market was 68,500 yuan/ton, down 340 yuan/ton from the previous trading day; the price of good copper increased by 440 yuan/ton, It fell by 160 yuan/ton from the previous trading day. The price of Pingshui copper rose by 420 yuan/ton, which was a decrease of 160 yuan/ton from the previous trading day.
Recycled copper: Copper prices rose from low levels, and the trading atmosphere was calm. The quotations of upstream traders did not show any significant follow-up, and the transactions were mostly bulk goods. In addition, the earlier orders were basically delivered. Amid the volatile copper prices, there was a lack of motivation to stock up. On the one hand, the raw material inventory of downstream copper plants has returned to the safe production line. On the other hand, orders for finished products have not improved, which has led to a slight sigh of relief in procurement. In addition, the price difference between refined waste and waste has widened. The business focus of the company is on the sale of finished products and mainly on collecting funds.
