In just about ten days, copper prices experienced a roller coaster ride. Last week, Lun copper fell below the resistance level of US$9,000 from around US$9,200, and 's internal price of fell below the resistance level of US$70,000 from around US$71,000. The quotation price of bright copper pure bars from scrap copper recyclers suddenly dropped from 65.6 yuan/kg to 64 yuan/kg.
After entering this week, the plummeting price of copper continued. The price of copper on Monday changed four times a day. In the morning, the recycler quoted 64 yuan/kg, and at nine o'clock, it quoted 63.8 yuan/kg when the market opened. At noon, the market continued to fall, and another price was quoted. 63.6 yuan/kg, but the drop did not stop at the afternoon close. The recycler's quotation continued to fall, with a quotation of 63.4 yuan/kg.
Copper prices are falling more and more, leaving all colleagues in the industry stunned. Starting from Thursday, it started a plummeting mode. Lun Copper fell below 8,700, and the internal market plummeted by more than 2,000, falling to 66,000. Recyclers' quotations subsequently fell off a cliff, with pure bright copper bars quoted at 61 yuan/kg. This price suddenly silenced the copper market, and those who had the goods did not dare to sell because they would lose a lot of money. The market is ruthless, and you are not afraid of not taking action. More exciting things are yet to come. Black Friday arrived as scheduled, and Lun Copper plummeted by more than 400 US dollars. The internal market dropped by more than 2,000 yuan, and the market immediately exploded. The quotes quoted by recyclers have also become unreliable, with pure copper bars quoted at 56 yuan/kg. After the market sentiment settled for several hours, the market price was further confirmed. Some recyclers began to quote 58.8 yuan/kg, but the price was not guaranteed. Attached to yesterday's morning external market information:
Lun copper 8337 fell 449 aluminum 2468 fell 71 lead 1942 fell 73 zinc 3493 fell 58 tin 26600 fell 2650 nickel 24000 fell 430 gold 1823.32 fell 13.38 silver 20.96 fell 0.42
As expected, the market continued to fall again today. As prices fell, recyclers' quotations fell accordingly. Bright copper pure bars were quoted at a unified price of 58.4 yuan/kg. Copper prices fell into a price depression for a while and could not extricate themselves. After these ten days of deep decline, it is estimated that copper prices have reached a point where they can no longer fall, and there is a high probability that there will be demand for a rebound from oversold conditions. Bold and large-scale recyclers have purchased batches of electrolytic copper plates, intending to take a gamble on the market. What will be the trend next? let us wait and see.
