Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 26
2024-7-26
Copper: Today, the spot copper price in Foshan market has stopped falling and rebounded across the board, but the market trading caution is still strong. Because the copper price has rebounded after nearly three weeks of continuous decline, traders are not sure whether the time for copper price rebound has arrived. After all, the current copper market demand is still in the off-season, so it is still cautious and wait-and-see. Some businesses take advantage of low prices to absorb a small amount of replenishment, but some enterprises continue to be bearish. Judging from the current price fluctuations, copper prices have fallen by about one-fifth since they reached a record high of $11,104 in mid-May. The main contract of SHFE copper fell to a minimum of 72,800 yuan yesterday, which was 16,140 yuan lower than the historical high of 88,940 yuan set on May 20, with a drop of 18%. The risk has been released to some extent.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, and domestic measures to increase market flow and stimulate consumption continued to support the price of aluminum. From the data point of view, the monthly aluminum price dropped from about 20,100 on June 26th to over 19,000 on July 25th, and it was lowered by more than 1000 yuan/ton in one month, which stimulated some aluminum consumption, but there was still pressure from weak demand in off-season.
Zinc: The state has introduced a new stimulus policy, and the price of zinc has rebounded. People in the industry generally believe that the current price of zinc is still unstable. They are worried that the price of zinc will continue to drop after attracting more. It is always a demand problem. Downstream manufacturers buy goods from orders and the market transactions are average. 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 dropped to a new low of $15,600 in the year, stainless steel futures returned to a weak position, and the spot market price was once again tested. Moreover, at the end of the month, the funds were withdrawn slowly, and the enthusiasm for trading in the scrap industry also declined. Manufacturers always maintained profit margins and generally maintained stable price receipt. The recent demand recession is expected to put pressure on the nickel market. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, and domestic measures to increase market flow and stimulate consumption continued to support the price of aluminum. From the data point of view, the monthly aluminum price dropped from about 20,100 on June 26th to over 19,000 on July 25th, and it was lowered by more than 1000 yuan/ton in one month, which stimulated some aluminum consumption, but there was still pressure from weak demand in off-season.
Zinc: The state has introduced a new stimulus policy, and the price of zinc has rebounded. People in the industry generally believe that the current price of zinc is still unstable. They are worried that the price of zinc will continue to drop after attracting more. It is always a demand problem. Downstream manufacturers buy goods from orders and the market transactions are average. 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 dropped to a new low of $15,600 in the year, stainless steel futures returned to a weak position, and the spot market price was once again tested. Moreover, at the end of the month, the funds were withdrawn slowly, and the enthusiasm for trading in the scrap industry also declined. Manufacturers always maintained profit margins and generally maintained stable price receipt. The recent demand recession is expected to put pressure on the nickel market. ( Analyzed by LTIT)
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