Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 5
2024-8-5
Copper: The spot copper price in Foshan market fell in an all-round way today, giving up all yesterday's gains, and the trading focus moved further down. The "changing" market of rising and falling copper prices also reflects that the current trading confidence in the copper market has not recovered, and there are still many obstacles on the road to rebound, and it is still difficult to get rid of the shock pattern in the short term. On that day, the demand of copper market was still weak, which became the biggest resistance to the current copper price increase. Even if the market continues to speculate that the global copper supply is tight, it is difficult to cover up the loose situation of the spot market and the downturn of the overall metal market. However, the weak factory data in China further aggravates the concern of weak market demand. It will take time to verify the concrete effect of the favorable measures continuously introduced in China. Short-term copper prices may be dominated by range fluctuations, so traders should pay attention to the impact of the new regulations.
Aluminum: Today, the price of aluminum in Foshan market has fallen again. The purchase by aluminum factories and enterprises is basically on-demand purchase or a small amount of replenishment, and the national aluminum social inventory has increased to 813,100 tons. Recently, the order situation of factories and enterprises has not improved, and the purchase operation of merchants is still on the sidelines. Recently, the off-season pressure in the aluminum market still exists, but the policy is still supportive. It is expected that the short-term aluminum price trend will still be repeated.
Zinc: Today, the price of zinc in Foshan market is under pressure, but the decline is relatively limited compared with other metals. At present, the price of zinc is relatively low. Downstream enterprises replenish stocks on dips with rigid demands to drive social inventory destocking, and overseas markets also show a high level of destocking, which has a certain supporting effect on the price of zinc. However, it is still in the off-season of consumption, and insufficient downstream orders have suppressed the price of zinc, which may continue to fluctuate in the short term.
Stainless Steel: SHFE nickel and stainless steel futures fell, followed by cautious psychology in the spot market, and the demand in August still did not improve much. Affected by this, the price increase atmosphere of scrap trading has obviously cooled down, and all the manufacturers in the industry have withdrawn from yesterday's high price, and the transaction has slightly adjusted back. The current price rebound is not strong enough, and the market is still running in shock. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen again. The purchase by aluminum factories and enterprises is basically on-demand purchase or a small amount of replenishment, and the national aluminum social inventory has increased to 813,100 tons. Recently, the order situation of factories and enterprises has not improved, and the purchase operation of merchants is still on the sidelines. Recently, the off-season pressure in the aluminum market still exists, but the policy is still supportive. It is expected that the short-term aluminum price trend will still be repeated.
Zinc: Today, the price of zinc in Foshan market is under pressure, but the decline is relatively limited compared with other metals. At present, the price of zinc is relatively low. Downstream enterprises replenish stocks on dips with rigid demands to drive social inventory destocking, and overseas markets also show a high level of destocking, which has a certain supporting effect on the price of zinc. However, it is still in the off-season of consumption, and insufficient downstream orders have suppressed the price of zinc, which may continue to fluctuate in the short term.
Stainless Steel: SHFE nickel and stainless steel futures fell, followed by cautious psychology in the spot market, and the demand in August still did not improve much. Affected by this, the price increase atmosphere of scrap trading has obviously cooled down, and all the manufacturers in the industry have withdrawn from yesterday's high price, and the transaction has slightly adjusted back. The current price rebound is not strong enough, and the market is still running in shock. (Analyzed by LTIT)
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