Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 17
2024-7-17
Copper: The spot copper price in Foshan market continued to fall today, and the short-term trend continued to fluctuate weakly. LME copper stocks continue to increase and demand worries are heating up, and the superimposed US dollar index is firm, which further aggravates the downward pressure on copper prices. The traders expect that there may still be room for copper prices to fall in the short term, but the expected decline is limited. Affected by the decline of copper futures, the trading atmosphere in the spot copper market has further cooled down. Most copper manufacturers maintain the on-demand purchasing strategy, on the one hand, they are wary of the risk of falling copper prices, on the other hand, they are constrained by weak demand. According to the research results of institutions, due to the influence of reverse invoicing and the State Council Order No.783, the operating rate of recycled copper raw material processing enterprises in Jiangxi dropped significantly, while Hubei, Henan and Anhui also reduced production/stopped production.
Aluminum: Today, the price of aluminum in Foshan market has temporarily stopped falling and stabilized, but trading is still cautious. According to the latest data from the Bureau of Statistics, the output of electrolytic aluminum in China surged to 3.67 million tons in June, up 6.2% year-on-year, hitting a new high in recent ten years, and the supply pressure is still obvious. At present, the demand of aluminum market is still in the traditional off-season, and the willingness of aluminum manufacturers to buy goods continues to decline. At present, aluminum maintains a large discount and the transaction is light.
Zinc: Today, the price of zinc in Foshan market fluctuates. Downstream middlemen and traders are worried about the trend of zinc market and keep their enthusiasm for shipment. Zinc manufacturers are not willing to buy, and most of them maintain on-demand procurement. The market transactions are basically from traders, and the overall market transactions are light. Zinc has strong fundamental support, but the market demand is dragging down, and zinc prices are expected to fluctuate sideways in the short term.
Stainless Steel: The price of nickel continues to decline, and the pressure on the stainless steel market is increasing. With the deepening of the off-season, the demand is sluggish and the spot transaction is dull, which will affect the return of funds. The scrap industry maintains a stable price trading state, and the circulation of low-priced goods is not smooth, which temporarily supports the price. At present, the fundamentals of nickel and stainless steel are weak, and the price is expected to fluctuate. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has temporarily stopped falling and stabilized, but trading is still cautious. According to the latest data from the Bureau of Statistics, the output of electrolytic aluminum in China surged to 3.67 million tons in June, up 6.2% year-on-year, hitting a new high in recent ten years, and the supply pressure is still obvious. At present, the demand of aluminum market is still in the traditional off-season, and the willingness of aluminum manufacturers to buy goods continues to decline. At present, aluminum maintains a large discount and the transaction is light.
Zinc: Today, the price of zinc in Foshan market fluctuates. Downstream middlemen and traders are worried about the trend of zinc market and keep their enthusiasm for shipment. Zinc manufacturers are not willing to buy, and most of them maintain on-demand procurement. The market transactions are basically from traders, and the overall market transactions are light. Zinc has strong fundamental support, but the market demand is dragging down, and zinc prices are expected to fluctuate sideways in the short term.
Stainless Steel: The price of nickel continues to decline, and the pressure on the stainless steel market is increasing. With the deepening of the off-season, the demand is sluggish and the spot transaction is dull, which will affect the return of funds. The scrap industry maintains a stable price trading state, and the circulation of low-priced goods is not smooth, which temporarily supports the price. At present, the fundamentals of nickel and stainless steel are weak, and the price is expected to fluctuate. (Analyzed by LTIT)
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