Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 29
2024-7-29
Copper: The spot copper price in Foshan market is stable today, and the market trading sentiment continues to be cautious. After nearly two months of shock and decline, the copper price has accumulated a huge decline, and the risk has been released to some extent. At the current stage, there is a rebound demand at the low level, which has attracted funds and speculators to flood into the copper market on dips, supporting the copper price to stop falling and stabilize for a short time. However, traders are still worried about whether the copper price can rebound further in August. After all, the demand in the copper market is still weak, so the purchase 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. At present, the domestic secondary copper market continues to be affected by the new regulations, and the transaction continues to be blocked. The factories and enterprises take advantage of the situation to greatly reduce the price and harvest, but it is difficult to make a deal.
Aluminum: The price of aluminum in Foshan market has not changed much today. Although the improvement of the current aluminum market demand is limited, after the recent continuous decline, the current aluminum discount has narrowed, attracting some aluminum manufacturers to buy in the market. However, due to the weak market and weak off-season demand, manufacturers are still cautious in purchasing, and the purchase volume is not large. The industry expects that the short-term aluminum will continue to be in the range of 19000-19500.
Zinc: Today, the zinc price in Foshan market continues to fluctuate weakly. Some traders are worried about the market outlook, and continue to maintain a positive shipping mentality. There are not many zinc manufacturers in the downstream. Most manufacturers think that the current zinc price is unstable, which has failed to stimulate the market to buy, and the trading atmosphere is light. 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 and fall.
Stainless Steel: Nickel price stopped falling and rebounded, stainless steel futures followed up, and the confidence in the spot market was consolidated. At the end of the month, the pressure of financial factors hindered the transaction, and the popularity of scrap trading rebounded with the price. Manufacturers and buyers generally raised the receipt slightly to stimulate the circulation of goods. At present, at the end of the month, the trading market is weak, and it is expected that the market rebound momentum is insufficient. ( Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market has not changed much today. Although the improvement of the current aluminum market demand is limited, after the recent continuous decline, the current aluminum discount has narrowed, attracting some aluminum manufacturers to buy in the market. However, due to the weak market and weak off-season demand, manufacturers are still cautious in purchasing, and the purchase volume is not large. The industry expects that the short-term aluminum will continue to be in the range of 19000-19500.
Zinc: Today, the zinc price in Foshan market continues to fluctuate weakly. Some traders are worried about the market outlook, and continue to maintain a positive shipping mentality. There are not many zinc manufacturers in the downstream. Most manufacturers think that the current zinc price is unstable, which has failed to stimulate the market to buy, and the trading atmosphere is light. 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 and fall.
Stainless Steel: Nickel price stopped falling and rebounded, stainless steel futures followed up, and the confidence in the spot market was consolidated. At the end of the month, the pressure of financial factors hindered the transaction, and the popularity of scrap trading rebounded with the price. Manufacturers and buyers generally raised the receipt slightly to stimulate the circulation of goods. At present, at the end of the month, the trading market is weak, and it is expected that the market rebound momentum is insufficient. ( Analyzed by LTIT)
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