Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 1
2024-8-1
Copper: The spot copper price in Foshan market rebounded further today, and trading improved. In August, copper prices had a good start, LME copper returned to above $9,200, while SHFE copper returned to above $75,000, and market trading confidence rose accordingly. The rebound of copper futures is mainly due to three factors: the market expects China to introduce more stimulus measures; After the sharp drop in copper prices, bargain-hunting emerged in the market; The Fed hinted that it might cut interest rates in September, and the dollar softened. Traders are concerned about whether the copper price rebound offensive can continue in August, after all, the off-season pressure still exists. Recently, influenced by factors such as reverse invoicing and the State Council Order No.783, the phenomenon of production suspension of recycled copper enterprises in Jiangxi, Sichuan, Anhui and Hubei is more prominent, and the scope of production suspension is expected to continue to expand.
Aluminum: Today, the price of aluminum in Foshan market rallied comprehensively, and the transaction improved. After a continuous decline in the previous period, the risks in the aluminum market have been released. Under the strong stimulation of policies such as expanding domestic demand promotion fees, aluminum prices rebounded strongly, and SHFE aluminum returned to above 19,200 yuan. However, the off-season pressure in the aluminum market still exists, and short-term aluminum manufacturers may still be cautious in purchasing goods, waiting for demand to pick up.
Zinc: Today, the price of zinc in Foshan market has rebounded further, 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: The peripheral nickel market continued to rebound strongly, the domestic SHFE nickel and stainless steel futures continued to rise, the spot market transactions were cautious, the terminal demand was not active in accepting the price increase, and the enthusiasm for pursuing high prices in the waste industry continued unabated. Buyers continued to explore the trend to attract goods, and the transaction and circulation of goods were improved. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rallied comprehensively, and the transaction improved. After a continuous decline in the previous period, the risks in the aluminum market have been released. Under the strong stimulation of policies such as expanding domestic demand promotion fees, aluminum prices rebounded strongly, and SHFE aluminum returned to above 19,200 yuan. However, the off-season pressure in the aluminum market still exists, and short-term aluminum manufacturers may still be cautious in purchasing goods, waiting for demand to pick up.
Zinc: Today, the price of zinc in Foshan market has rebounded further, 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: The peripheral nickel market continued to rebound strongly, the domestic SHFE nickel and stainless steel futures continued to rise, the spot market transactions were cautious, the terminal demand was not active in accepting the price increase, and the enthusiasm for pursuing high prices in the waste industry continued unabated. Buyers continued to explore the trend to attract goods, and the transaction and circulation of goods were improved. (Analyzed by LTIT)
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