Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 18
2024-7-18
Copper: The spot copper price in Foshan market continues to fall today, and buyers and sellers are cautious in trading. The trend of short-term copper price is exhausted, LME copper retreats to around 9600 USD, and the main contract of SHFE copper returns to around 78000 RMB. The increase of domestic and foreign stocks puts pressure on copper price. It is generally expected that there may still be room for short-term copper price decline, but the expected decline is limited. Affected by the decline in copper futures, the trading atmosphere in the spot copper market has further cooled down. Most copper manufacturers maintain on-demand procurement, on the one hand, they are wary of the risk of falling copper prices, on the other hand, they are constrained by weak demand. In addition, due to factors such as 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 successively reduced production/stopped production.
Aluminum: Today, the price of aluminum in Foshan market has further dropped. After the continuous price drop, the purchase cost has moved down, attracting many aluminum manufacturers to enter the market and absorb it while it is low. However, because the demand is still in the off-season, the purchase quantity of merchants is still limited, and the current aluminum price still maintains a substantial discount. At present, the market expects the country to introduce more stimulus measures to drive the real estate market to pick up and boost the demand in the aluminum market.
Zinc: The downward pressure of weak demand zinc price is great, and the market is fearful. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are hesitant about the zinc price in the after-market, and wait and see, mainly purchasing on demand, and the overall market transaction is weak. In the off-season demand, the operating rate is low, and the terminal orders are weak. It is expected that the zinc price will remain volatile to explore the market.
Stainless Steel: LME nickel continued to fall to a low of nearly five months, and SHFE nickel approached the 130,000 mark, dragging down the weakness of stainless steel futures. The spot market is full of falling prices, and the scrap manufacturers have slightly lowered the receiving price due to the situation, and the fear of falling has accelerated the shipment volume. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further dropped. After the continuous price drop, the purchase cost has moved down, attracting many aluminum manufacturers to enter the market and absorb it while it is low. However, because the demand is still in the off-season, the purchase quantity of merchants is still limited, and the current aluminum price still maintains a substantial discount. At present, the market expects the country to introduce more stimulus measures to drive the real estate market to pick up and boost the demand in the aluminum market.
Zinc: The downward pressure of weak demand zinc price is great, and the market is fearful. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are hesitant about the zinc price in the after-market, and wait and see, mainly purchasing on demand, and the overall market transaction is weak. In the off-season demand, the operating rate is low, and the terminal orders are weak. It is expected that the zinc price will remain volatile to explore the market.
Stainless Steel: LME nickel continued to fall to a low of nearly five months, and SHFE nickel approached the 130,000 mark, dragging down the weakness of stainless steel futures. The spot market is full of falling prices, and the scrap manufacturers have slightly lowered the receiving price due to the situation, and the fear of falling has accelerated the shipment volume. (Analyzed by LTIT)
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