Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 19
2024-7-19
Copper: Today, the spot copper price in Foshan market fell further, and the decline further expanded, and the market trading sentiment continued to be cautious. Although the purchase cost has dropped significantly after the copper price has fallen successively, traders are generally worried that there is still room for the short-term copper price to fall, so the purchase is still based on demand, and the transaction volume is still limited. At present, the news and fundamentals of the copper market are generally weak, and the market bets that the Fed will cut interest rates early, and investors will turn from the copper market to precious metals; Yesterday, the US dollar index rebounded sharply, setting the biggest one-day increase since June 20th. LME copper stocks rose to a 33-month high of 227,425 tons. The above-mentioned bearishness continues to put pressure on copper prices. It is generally expected that there is still room for downside in short-term copper prices, but the decline is expected to be limited.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the decline has eased. After the recent continuous decline, the purchase cost has moved down, attracting many aluminum manufacturers to enter the market and take advantage of the low absorption. 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 more stimulus measures to drive demand to pick up.
Zinc: Today, the price of zinc in Foshan market continues to decline. Traders are still cautious in receiving goods, and they only make inquiries after receiving orders. The downstream manufacturers' desire to replenish goods in the market has increased, their purchasing enthusiasm has improved, and the overall market transactions have improved. 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: SHFE nickel and stainless steel futures continue to fall, the spot market is not very attractive, the price of steel strip is loose and falling, and the pressure on the scrap market is increasing. In order to maintain profit margins, manufacturers have successively lowered the purchase price, and the transaction price continues to fall. Recently, the market has gradually expected the decline in demand, and the weakness of nickel and stainless steel has dropped. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the decline has eased. After the recent continuous decline, the purchase cost has moved down, attracting many aluminum manufacturers to enter the market and take advantage of the low absorption. 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 more stimulus measures to drive demand to pick up.
Zinc: Today, the price of zinc in Foshan market continues to decline. Traders are still cautious in receiving goods, and they only make inquiries after receiving orders. The downstream manufacturers' desire to replenish goods in the market has increased, their purchasing enthusiasm has improved, and the overall market transactions have improved. 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: SHFE nickel and stainless steel futures continue to fall, the spot market is not very attractive, the price of steel strip is loose and falling, and the pressure on the scrap market is increasing. In order to maintain profit margins, manufacturers have successively lowered the purchase price, and the transaction price continues to fall. Recently, the market has gradually expected the decline in demand, and the weakness of nickel and stainless steel has dropped. (Analyzed by LTIT)
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