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Market wire in Nanhai metal scraps market in the morning
2019-12-12
Dec 12 (LTIT) –After the Federal Reserve pressed the interest rate cut pause button, it was predicted that it might hold still next year. The sharp drop in the US dollar index pushed the copper price in London to around US$ 6,150, while the domestic copper price also continued to rise to 49,000, achieving a rise rarely seen in several months. The overall performance this week was strong from Monday to April, with spot copper prices following the increase. However, due to the cumulative increase of nearly 2,000 yuan, SHFE electrolytic copper prices wiped out more than 100 liters of water before the end of the year on the premise of tight funds. Recycled copper is now in a discount trading state without the favor of copper mills and the caution of middlemen. The current rate of increase has also caused the market to worry about whether the pressure of profit-taking will appear before and after the delivery. Therefore, profit-making operations are obvious and some of them are selling. Considering the recent news, copper fundamentals and capital operation status, the short-term copper price performance is expected to remain strong. Further upward space will be suppressed due to the shortage of annual closing funds, etc. However, whether there is a sharp drop in prices depends on the strength of the news. Whether Sino-US trade can reproduce a new turn of events is also a point of agreement.

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