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Metal scraps performances in Foshan market on Oct 27
2020-10-27

Copper:

Today, the recycled copper price in Foshan market has further declined, and the cautious mood in the market has warmed up. The COVID-19 epidemic in Europe and the United States has gone crazy, the COVID-19 pneumonia stimulus plan in the United States has not made progress, and the short-term pressure on LME copper has been falling for several days, and now it has retreated below $6,800. However, the market is not pessimistic about the trend of copper market outlook, and many people are choking on the expectation that copper price will resume its upward trend after this round of revision, and it is expected to rise to above $7,000 before the end of the year. However, at present, copper prices are on the decline, and copper manufacturers and traders are still worried that there is still room for further decline in short-term copper prices. In the case of limited improvement in copper market demand, most of them buy goods at lower prices. At present, the supply of electrolytic copper in Guangdong market is sufficient, the transaction maintains a small discount, and the price of recycled copper is relatively resistant.

 

Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the rising price of spot aluminum brought pressure to market transactions. Aluminum manufacturers bought goods at lower prices one after another, and most of the goods holders shipped at a discount under the pressure of tight capital. In the fourth quarter, the shortage of funds has become increasingly prominent, and withdrawing funds will become the primary task in the fourth quarter. The operators expect that there is still room for correction in short-term aluminum prices.

 

Zinc: Today, the price of zinc in Foshan market is stable, and most traders still keep a cautious attitude. Downstream manufacturers are more afraid of falling, and most of them are more cautious in purchasing goods, mainly on demand. In the case of weak market transactions, traders' enthusiasm for receiving goods is also dragged down to a certain extent, and market transactions are slack.

 

Stainless Steel: Today, the price of waste stainless steel in Foshan market has stopped falling and stabilized, but the transaction is still cautious. Although nickel prices have bottomed out and rebounded, market confidence has not yet recovered. At present, market participants are still worried that nickel prices may still decline. In the case of weak sales of finished products, purchase confidence is still insufficient, and steel mills still mainly reduce prices when purchasing waste stainless steel. (Source: Lingtong Metal Information)

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