Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 30
2024-7-30
Copper: The spot copper price in Foshan market fell again today, and the short-term trend was weak, and the market cautious mood warmed up. The strong rise of the US dollar put pressure on non-ferrous metals. The copper inventory of LME registered warehouse was 239,100 tons, the highest level since October 2021. Further pressure on copper prices, LME copper fell below the integer mark of 9,000 dollars again, while the main contract of SHFE copper fell by over 1,000 yuan per ton, and the spot copper price fell under pressure. Recently, influenced by factors such as reverse invoicing and the State Council Order No.783, the phenomenon of production stoppage of recycled copper enterprises in Jiangxi, Sichuan, Anhui and Hubei is more prominent. The organization predicts that the production stoppage scope of recycled copper rod factory will be further expanded in August, which will have a direct impact on the supply of recycled copper rods, and the demand may be further weakened.
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and the market demand continues to be weak. Most aluminum manufacturers maintain on-demand procurement, and the physical transaction performance is not satisfactory. Under the pressure of weak consumption, the current aluminum in Guangdong market still maintains a discount of over 100 yuan. Investors shorted and stacked SHFE aluminum stocks remained high, and the main contract of SHFE aluminum fell below 19,000 yuan, and the market sentiment was pessimistic.
Zinc: Under the weak background and upward pressure from the US dollar, the price of zinc continued to be weak. The lack of motivation for zinc futures has affected the purchasing mentality of traders and manufacturers to a certain extent, which makes traders and manufacturers think that the trend of zinc market is hard to rebound in the short term, and the market is in a state of continuous wait and see, and most of them mainly purchase in small quantities on demand.
Stainless Steel: Nickel and stainless steel resisted the pressure to rise against the market, and futures rose near the 14,000 mark. Unfortunately, the spot market lacked the support of rising demand and the transaction could not keep up. In addition, the scrap market was slightly improved by the price increase of ferronickel, but the manufacturers in the industry were cautious in buying and chasing prices, and the stable price trading was the main thing. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and the market demand continues to be weak. Most aluminum manufacturers maintain on-demand procurement, and the physical transaction performance is not satisfactory. Under the pressure of weak consumption, the current aluminum in Guangdong market still maintains a discount of over 100 yuan. Investors shorted and stacked SHFE aluminum stocks remained high, and the main contract of SHFE aluminum fell below 19,000 yuan, and the market sentiment was pessimistic.
Zinc: Under the weak background and upward pressure from the US dollar, the price of zinc continued to be weak. The lack of motivation for zinc futures has affected the purchasing mentality of traders and manufacturers to a certain extent, which makes traders and manufacturers think that the trend of zinc market is hard to rebound in the short term, and the market is in a state of continuous wait and see, and most of them mainly purchase in small quantities on demand.
Stainless Steel: Nickel and stainless steel resisted the pressure to rise against the market, and futures rose near the 14,000 mark. Unfortunately, the spot market lacked the support of rising demand and the transaction could not keep up. In addition, the scrap market was slightly improved by the price increase of ferronickel, but the manufacturers in the industry were cautious in buying and chasing prices, and the stable price trading was the main thing. ( Analyzed by LTIT)
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