Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 7
2024-8-7
Copper: Spot copper prices in Foshan market rebounded slightly today, and market caution still exists. The market's worries about the global economic recession and China's demand prospects still affect the sensitive nerves of the metal market, especially the recent turmoil in the global financial market, which makes the traders worry about the short-term copper price trend and whether the SHFE copper 70,000 yuan mark can become a support point. Of course, after the recent successive declines, copper prices have accumulated a huge decline, and the risks have been released to some extent, attracting many investors' interest in bargain hunting, while the interest of buyers in the spot market has also improved, and the transaction has improved, which has formed certain support for short-term copper prices. At present, recycled copper trading cards are still affected by the new regulations, and factories and enterprises pay more attention to the purchase, which also boosts some consumption of electrolytic copper.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, but the market sentiment was still cautious. Yesterday, the global stock market rebounded collectively, which brought obvious benefits to the market, and aluminum prices rallied. At present, the domestic policy expectation window continues to open, which is expected to bring room for improvement to the economy in the fourth quarter, and the spot bargain replenishment also stimulates the demand to pick up, which supports the short-term aluminum price increase.
Zinc: LME zinc stocks increased greatly, and the weak trend suppressed the market sentiment. Traders mainly shipped, and spot zinc traders were worried about the short-term market situation. In the case of general demand in the near future, and the trend of zinc was still uncertain, traders remained cautious in purchasing, with limited trading volume and more market watchers. Demand is low, orders are weak, and zinc prices are expected to remain volatile to explore the market.
Stainless Steel: The price of nickel stopped falling and stabilized, the futures of stainless steel fluctuated within a narrow range, the transaction of spot steel strip was weak, and the scrap transaction was also calm. The industry was troubled by the withdrawal of funds, which greatly reduced the enthusiasm of manufacturers to buy and sell, and affected the transaction and circulation of goods. At present, the market lacks fundamental support and only depends on the cost of raw materials, so it is difficult for the stainless steel market to break through. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, but the market sentiment was still cautious. Yesterday, the global stock market rebounded collectively, which brought obvious benefits to the market, and aluminum prices rallied. At present, the domestic policy expectation window continues to open, which is expected to bring room for improvement to the economy in the fourth quarter, and the spot bargain replenishment also stimulates the demand to pick up, which supports the short-term aluminum price increase.
Zinc: LME zinc stocks increased greatly, and the weak trend suppressed the market sentiment. Traders mainly shipped, and spot zinc traders were worried about the short-term market situation. In the case of general demand in the near future, and the trend of zinc was still uncertain, traders remained cautious in purchasing, with limited trading volume and more market watchers. Demand is low, orders are weak, and zinc prices are expected to remain volatile to explore the market.
Stainless Steel: The price of nickel stopped falling and stabilized, the futures of stainless steel fluctuated within a narrow range, the transaction of spot steel strip was weak, and the scrap transaction was also calm. The industry was troubled by the withdrawal of funds, which greatly reduced the enthusiasm of manufacturers to buy and sell, and affected the transaction and circulation of goods. At present, the market lacks fundamental support and only depends on the cost of raw materials, so it is difficult for the stainless steel market to break through. (Analyzed by LTIT)
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