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 further today, and the short-term trend was weak. China's manufacturing data is weak, the cautious mood of funds has not changed, and high inventory and weak consumption continue to restrain the elasticity of price increase. It is particularly noteworthy that China has not yet issued specific and effective stimulus policies for the real estate industry in trouble, which has aggravated market concerns. At the same time, the downstream industries generally hold a wait-and-see attitude because of the large fluctuation of copper prices, and are pessimistic about the price expectations in the market outlook. The recent fluctuation of premium tends to be flat, reflecting the lack of market confidence. In addition, the new industry regulations keep the trading of recycled copper market under pressure, and the prices of factories and enterprises are kept down as much as possible, but the holders are reluctant to sell at low prices on the premise of serious import upside down at a loss, and the trading volume is limited.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the cautious mood in the market is heating up. At present, the demand in the aluminum market is still weak, and the new orders are significantly reduced, so the operating rate of the aluminum processing industry is maintained at a low level. The current aluminum trading is not active, and the situation of oversupply continues, which has suppressed the price of aluminum. Traders expect that the recent trend of aluminum is still under pressure, but there will not be much room for further decline.
Zinc: Today, the upward momentum of zinc price in Foshan market is obviously insufficient, which affects the purchasing mentality of traders and manufacturers to a certain extent, making traders and manufacturers think that the trend of zinc market will present more uncertainty, and the market is in a state of continuous wait-and-see, and most of them are mainly based on small purchases on demand. SHFE zinc has support around 22,300 yuan, and it is expected to maintain a volatile market in the short term.
Stainless Steel: Although stainless steel rose against the market, the futures continued to rise with insufficient stamina, and fluctuated around the 14,000 mark for the time being. After the price increase in the spot market, the transaction slowed down obviously. Most of the steel belts had profit-making promotions, and the scrap industry was cautious and wait-and-see, and manufacturers generally kept prices stable. In the follow-up, traders should pay attention to the domestic macro-policy stimulus and steel strip transaction. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the cautious mood in the market is heating up. At present, the demand in the aluminum market is still weak, and the new orders are significantly reduced, so the operating rate of the aluminum processing industry is maintained at a low level. The current aluminum trading is not active, and the situation of oversupply continues, which has suppressed the price of aluminum. Traders expect that the recent trend of aluminum is still under pressure, but there will not be much room for further decline.
Zinc: Today, the upward momentum of zinc price in Foshan market is obviously insufficient, which affects the purchasing mentality of traders and manufacturers to a certain extent, making traders and manufacturers think that the trend of zinc market will present more uncertainty, and the market is in a state of continuous wait-and-see, and most of them are mainly based on small purchases on demand. SHFE zinc has support around 22,300 yuan, and it is expected to maintain a volatile market in the short term.
Stainless Steel: Although stainless steel rose against the market, the futures continued to rise with insufficient stamina, and fluctuated around the 14,000 mark for the time being. After the price increase in the spot market, the transaction slowed down obviously. Most of the steel belts had profit-making promotions, and the scrap industry was cautious and wait-and-see, and manufacturers generally kept prices stable. In the follow-up, traders should pay attention to the domestic macro-policy stimulus and steel strip transaction. (Analyzed by LTIT)
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