Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 31
2024-7-31
Copper: The spot copper price in Foshan market stopped falling and rebounded today, but the strength is still weak. Today is the last trading day of July. On the whole, the performance of copper price in July rose first and then fell, and the overall fluctuation was huge. The main contract of SHFE copper was from the highest level of 80,800 yuan to the lowest level of 72,740 yuan, with the fluctuation exceeding 8,000 yuan/ton. At present, copper prices are showing signs of rallying instead of falling, and traders are concerned about whether copper prices can continue to rally in August. Recently, due to 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 weakened.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rallied, and SHFE aluminum remained in a narrow range of 19,000 yuan, but yesterday, SHFE aluminum once hit a low of 18,785 yuan. According to the analysis, SHFE aluminum fell below 19,000 yuan, and the risk was released. The traders expect more favorable policies to be introduced after August. It is expected that the opportunities in the aluminum market will outweigh the risks in August, but the current demand is weak and it is difficult to change, so businesses should wait and see.
Zinc: Today, the price of zinc in Foshan market rebounded, but the downstream market is still in the off-season stage, and the price support is insufficient. However, after August is about to enter, the market's expectation for the "Golden September and Silver October" consumption season will gradually heat up, and the transition period in the off-peak season may boost the downstream galvanizing enterprises to start work, and the expectation of stocking on dips is strong, which will bring a certain boost.
Stainless Steel: LME nickel rose continuously and gradually broke away from the low point of the year. Domestic SHFE nickel rose sharply and broke through the 130,000 mark, and stainless steel futures rose to 14,000. The spot market was on the verge of price increase, and steel strip quotations were raised one after another. Buyers actively followed suit in scrap trading, and manufacturers in the industry continued to chase prices to stimulate trading volume. In the follow-up, traders need to guard against the pressure of futures profit taking. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rallied, and SHFE aluminum remained in a narrow range of 19,000 yuan, but yesterday, SHFE aluminum once hit a low of 18,785 yuan. According to the analysis, SHFE aluminum fell below 19,000 yuan, and the risk was released. The traders expect more favorable policies to be introduced after August. It is expected that the opportunities in the aluminum market will outweigh the risks in August, but the current demand is weak and it is difficult to change, so businesses should wait and see.
Zinc: Today, the price of zinc in Foshan market rebounded, but the downstream market is still in the off-season stage, and the price support is insufficient. However, after August is about to enter, the market's expectation for the "Golden September and Silver October" consumption season will gradually heat up, and the transition period in the off-peak season may boost the downstream galvanizing enterprises to start work, and the expectation of stocking on dips is strong, which will bring a certain boost.
Stainless Steel: LME nickel rose continuously and gradually broke away from the low point of the year. Domestic SHFE nickel rose sharply and broke through the 130,000 mark, and stainless steel futures rose to 14,000. The spot market was on the verge of price increase, and steel strip quotations were raised one after another. Buyers actively followed suit in scrap trading, and manufacturers in the industry continued to chase prices to stimulate trading volume. In the follow-up, traders need to guard against the pressure of futures profit taking. (Analyzed by LTIT)
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