Copper:

Today, the price of recycled copper in Foshan market fell slightly. The economic data released by China in July was not ideal. Overnight US debt's 2-year and 10-year yields were upside down, triggering a rise in risk aversion in the market. LME copper returned to below US$ 5,800. Short-term resistance at the 47,000 yuan mark for SHFE copper is still high. In terms of spot supply, although the domestic supply of recycled copper continues to be tight, the current demand in the copper market is still in the off-season and the supply and demand are in a tight balance. However, the traders are still very concerned about the subsequent import of scrap copper. According to published statistics, the three approvals currently involve 845953 tons of scrap metal imports, including 452559 tons of scrap copper, 372,476 tons of scrap aluminum and 20918 tons of scrap steel. The approval documents are mainly distributed in Zhejiang, Jiangsu and Guangdong provinces, which is in line with the distribution of enterprises that mainly use imported scrap metals at present, and the operators expect little change in the follow-up. So, has the approval for scrap metal been issued in the third quarter?

Aluminum:

Today, the price of aluminum in Foshan market continues to perform smoothly. After the price of aluminum soared on Monday and Tuesday, trading in the aluminum market became more cautious, fearing that the price rise would not be sustainable. After all, this was driven by news hype. However, some operators said that with the end of the off season, the demand in the aluminum market is expected to improve continuously, and the recent inventory in the aluminum market is at a relatively low level, which still supports the aluminum price.

Zinc:

Today, the price of zinc in Foshan market fell slightly, and market transactions continued to be cautious. As demand continues to be decreased, zinc producers in the zinc market are still not optimistic about the current zinc price, and manufacturers mainly purchase on demand.

Stainless Steel:

Scrap stainless steel prices declined slightly in Foshan market today. At present, the nickel price continues to fluctuate at a high level, but the waste stainless steel market is at an impasse and the cautious atmosphere in the market is obviously warming up. At present, most steel mills have lowered the purchase price of waste stainless steel, and the recycling traders have to lower the price to receive the goods. However, due to the limited supply of goods, the dealers are reluctant to sell the goods and the transaction is deadlocked.  (According to LTIT) (Source: Lingtong Metal Information)