Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 8
2024-8-8
Copper: Today, the spot copper price in Foshan market reappears its decline, and the market is cautious. LME copper stocks jumped and the dollar strengthened, and the negative sentiment in the market suddenly intensified, which led investors to generally adopt a cautious attitude to enter the market, and most of them chose to wait and see rather than actively operate. Affected by this, LME copper suffered another heavy fall overnight, and SHFE copper fell under pressure in the morning, and now it remains at a low level and fluctuates within a narrow range. Traders are concerned about whether the short-term SHFE copper 70,000 mark can be held. At present, the domestic copper market is in the off-season, the spot premium continues to remain weak, and the willingness of downstream industries to enter the market is not strong. Traders expect that copper prices will mainly run weakly in the short term, but SHFE copper has fallen by more than 18,000 yuan since its historical high, and there is limited room for further decline.
Aluminum: Today, the aluminum price in Foshan market has not changed much. At present, the domestic aluminum market continues to be sluggish. Although the aluminum price has been adjusted back recently, it has not effectively stimulated the interest in buying. Most downstream enterprises are cautious and wait-and-see, and the procurement activities are limited, resulting in weak physical goods transactions. In the short term, the price of aluminum is still under pressure, and it is expected to continue to bear the pressure of callback, but a small rally is not ruled out.
Zinc: SHFE zinc is hovering at a low level, and the market wait-and-see atmosphere is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains the current level of operation. Downstream manufacturers have doubts about the rally of zinc prices in the after-market, and most of them are not motivated to wait and see, and the market transactions are basically from traders.
Stainless Steel: The price of nickel turned from rebound to decline, SHFE nickel gradually moved away from the 130,000 mark, stainless steel futures continued to fall, the spot market remained in a depressed state, the price drop of steel strip suppressed the scrap market, the receiving prices of manufacturers in the industry were inconsistent, and the phenomenon of price reduction was more common, and the transaction price continued to drop. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has not changed much. At present, the domestic aluminum market continues to be sluggish. Although the aluminum price has been adjusted back recently, it has not effectively stimulated the interest in buying. Most downstream enterprises are cautious and wait-and-see, and the procurement activities are limited, resulting in weak physical goods transactions. In the short term, the price of aluminum is still under pressure, and it is expected to continue to bear the pressure of callback, but a small rally is not ruled out.
Zinc: SHFE zinc is hovering at a low level, and the market wait-and-see atmosphere is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains the current level of operation. Downstream manufacturers have doubts about the rally of zinc prices in the after-market, and most of them are not motivated to wait and see, and the market transactions are basically from traders.
Stainless Steel: The price of nickel turned from rebound to decline, SHFE nickel gradually moved away from the 130,000 mark, stainless steel futures continued to fall, the spot market remained in a depressed state, the price drop of steel strip suppressed the scrap market, the receiving prices of manufacturers in the industry were inconsistent, and the phenomenon of price reduction was more common, and the transaction price continued to drop. (Analyzed by LTIT)
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