Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 23
2024-7-23
Copper: The spot copper price in Foshan market fell further today, and trading continued to be cautious. Over the past two weeks, copper futures prices have been declining, LME copper stocks have been increasing and long-term profit-taking has been putting pressure on copper prices. Last night, SHFE copper hit a low of 75,170 yuan/ton, which rebounded this morning and is now hovering around 75,500. The traders are concerned about whether SHFE copper can hold the 75,000 yuan mark in the short term. Although the weakening of copper prices has boosted the willingness to purchase downstream, the downstream demand increase is limited because it is still in the off-season of traditional consumption. In addition, the current recycled copper market is still affected by the pressure of new regulations to be implemented in August, and the demand is further declining. Copper manufacturers have greatly reduced their prices to purchase, and some businesses have turned to purchase electrolytic copper, thus accelerating the consumption of electrolytic copper or limiting the decline of electrolytic copper.
Aluminum: Today, the aluminum price in Foshan market fell again, mainly due to the continuous decline of SHFE aluminum, which has now fallen to around 19,300 yuan. The weak fundamentals of the aluminum market further hit the bulls' morale, while the cold suppression of physical goods trading aggravated the difficulty of inventory digestion. At present, the supply of goods in the spot market is relatively loose, and the spot discount rate continues to expand, which puts pressure on aluminum prices.
Zinc: The trend of SHEF zinc is weak, and the market is fearful again. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers hesitate about the zinc price of after-market, mostly wait and see, and their purchasing enthusiasm is not high, and the overall market transaction is weak.
Stainless Steel: Stainless steel rose sharply above 14,000 yuan, and continued to rise against the market, which runs counter to the continuous decline of SHFE nickel. It is expected that the spot market transaction will improve with the trend, and the scrap industry transaction is still cautious. Manufacturers are limited by cost and profit, and buyers are not active in purchasing, so the transaction activity is limited. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market fell again, mainly due to the continuous decline of SHFE aluminum, which has now fallen to around 19,300 yuan. The weak fundamentals of the aluminum market further hit the bulls' morale, while the cold suppression of physical goods trading aggravated the difficulty of inventory digestion. At present, the supply of goods in the spot market is relatively loose, and the spot discount rate continues to expand, which puts pressure on aluminum prices.
Zinc: The trend of SHEF zinc is weak, and the market is fearful again. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers hesitate about the zinc price of after-market, mostly wait and see, and their purchasing enthusiasm is not high, and the overall market transaction is weak.
Stainless Steel: Stainless steel rose sharply above 14,000 yuan, and continued to rise against the market, which runs counter to the continuous decline of SHFE nickel. It is expected that the spot market transaction will improve with the trend, and the scrap industry transaction is still cautious. Manufacturers are limited by cost and profit, and buyers are not active in purchasing, so the transaction activity is limited. (Analyzed by LTIT)
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