Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 24
2024-7-24
Copper: The spot copper price in Foshan market continued to fall today, and trading continued to be cautious. In July, copper futures prices at home and abroad fell one after another, with LME copper hitting a low of $9,110 and SHFE copper's main contract hitting a low of $74,530. Market trading confidence was frustrated and spot copper prices fell under pressure. The continued weakness of copper prices and the continuous increase of copper stocks further aggravated the market worries. Some end users chose to wait and see with money and purchase cautiously. Some buyers bought at a low price, and the holders were reluctant to sell at a low price, which further led to poor inventory removal and weakened market liquidity. Traders are worried that in the context of the continued deterioration of fundamentals, the expectation of overseas economic recession in the superimposed market is gradually heating up, and short-term copper prices may face greater downward pressure.
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the short-term fluctuation is weak. Traders are concerned about whether the main contract of SHFE aluminum can hold the 19,000 yuan mark. After the recent continuous shock and decline, the purchase cost of aluminum market has obviously moved down, attracting many aluminum manufacturers to enter the market to make inquiries. Most merchants purchase on demand or add appropriate positions, and the consumption is improving. The discount rate of aluminum in Guangdong has narrowed.
Zinc: Today, the price of zinc in Foshan market continues to fall. Downstream middlemen and traders are worried that the price of zinc will fall behind, and there are not many purchases. The willingness of manufacturers to buy is still not strong. Most of them maintain on-demand procurement, and some manufacturers replenish their stocks with rigid demand. The overall transaction is relatively general. 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: Stainless steel futures rose for several days and kept above 14,000, so the confidence in the spot market increased, and 304 steel belts generally rose. The psychology of "going long without selling or shorting" helped to improve the transaction, and the scrap market was also stimulated by this. Some manufacturers took the lead in raising the receiving price, and the price increase atmosphere in the industry gradually warmed up. Short-term stainless steel prices are still expected to rise. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the short-term fluctuation is weak. Traders are concerned about whether the main contract of SHFE aluminum can hold the 19,000 yuan mark. After the recent continuous shock and decline, the purchase cost of aluminum market has obviously moved down, attracting many aluminum manufacturers to enter the market to make inquiries. Most merchants purchase on demand or add appropriate positions, and the consumption is improving. The discount rate of aluminum in Guangdong has narrowed.
Zinc: Today, the price of zinc in Foshan market continues to fall. Downstream middlemen and traders are worried that the price of zinc will fall behind, and there are not many purchases. The willingness of manufacturers to buy is still not strong. Most of them maintain on-demand procurement, and some manufacturers replenish their stocks with rigid demand. The overall transaction is relatively general. 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: Stainless steel futures rose for several days and kept above 14,000, so the confidence in the spot market increased, and 304 steel belts generally rose. The psychology of "going long without selling or shorting" helped to improve the transaction, and the scrap market was also stimulated by this. Some manufacturers took the lead in raising the receiving price, and the price increase atmosphere in the industry gradually warmed up. Short-term stainless steel prices are still expected to rise. (Analyzed by LTIT)
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