Copper Scrap Metal Prices China July 29 2010
on July 29th, 2010 at 9:00 pmSpurred by the decrease in dollar value and less stock, the London Metal Exchange (LME) showed that copper futures on 28th rose and finally closed at 7,175 points, up by 90 points, or 1.27%. Inventory, on Wednesday, dropped 2,375 tons, totally to 411,425 tons.
Today Shanghai copper opened high and rose, mainly on the shock. Contract 1010 closed at 56,230 points, up by 590 points, or 1.06%, trading at 55,810 to 56,490, positions increased 11,598 hands, volume increased slightly.
On the spot market, the Yangtze 1 # electrolytic copper 55,950-56,100 RMB/T, up by 545 RMB/T; Shanghai 1 # copper 56,000-56,300 RMB/T, up by 550 RMB/T; Guangdong Nanchu 1 # electrolytic copper 56,150-56,350 RMB/T, up by 550 RMB/T.
On the plate, decrease in dollar value supported copper price, but the market uncertainty would constrained the rising room. In the short term, copper price will be on the high shock and rebound slightly.
Today, the domestic Copper price was stable. Traders did business cautiously. Goods holders were unwilling to sell and quoted firmly for the small supply. Traders were uncertain about the future market. Latest Market Price: 1 # bare bright 51,600 RMB/T, higher by 200 RMB/T.
On the whole, decrease in dollar value supported copper price, but the market uncertainty would constrained the rising room. In the short term, copper price will be on the high shock and rebound slightly.
(1RMB=0.1475USD) News Source www.worldscrap.com
