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Market wire in Nanhai metal scraps market in the morning
2019-12-30

Dec 30 (LTIT) –Although there are favorable Sino-US trade and positive support from domestic stimulus measures and data, the pressure on copper prices to make some capital gains has eased slightly due to tight liquidity during the year-end period, with the main contracts stopping below the RMB 50,000 mark. Judging from the recent situation, most of the factories and enterprises have entered the year-end break and the prelude to holidays. In addition, copper did not fall back after a sharp rise, but oscillated slightly upward. In the period of lack of demand and the end of the year, market confidence was insufficient and the desire to catch up was lacking. Both recycled copper and electric copper showed a slight discount. Judging from the news, the time around New Year's Day is on the positive side, and the fundamentals of copper's low inventory are acceptable. However, the increase in the import supply of recycled copper and the gap between electricity and copper and the decrease in holiday consumption will increase the pressure on electricity and copper. It is expected that the trend of copper price will oscillate after the holiday, but the relaxation of capital after the end of the year will be beneficial to the market.

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