Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 9
2024-8-9
Copper: Today, Foshan copper market rose moderately, and the data released by the United States was slightly better than expected. With the anxiety eased, LME copper stopped falling around $8,800, and domestic copper prices rebounded to nearly 72,000. There is still some pressure on the trend of LME copper to reflect the weak demand side and the geopolitical situation in the international news, but it is normal to rebound after a continuous sharp decline. Whether the copper price breaks down again depends on whether the financial environment will deteriorate further. It is expected that copper will still have to wait and see after a short-term rebound.
Aluminum: Today, Foshan aluminum market rose moderately, and the data was better than expected. Short-term profit sentiment warmed up, and the metal market rebounded. In SHFE period, aluminum returned to above 19,000, which is also a recent competitive position. Under the pressure of international environment, most aluminum factories and enterprises mainly purchased by order, which was narrowed by the discount in Guangdong Province, which dropped sharply in the early price period. Judging from the current situation, capital will be dominated by news hype, and there is still no obvious advantage in short-term demand to boost the market. It is expected that aluminum will continue to fluctuate in the recent range of around 19,000 and rebound slightly in due course.
Zinc: The United States initially requested data to ease the worries of economic slowdown. The price of zinc rebounded sharply, and the wait-and-see atmosphere still dominated the market. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers lacked confidence in the after-market, purchasing enthusiasm was not high, and the market trading atmosphere was quiet.
Stainless Steel: Rallying sentiment broke out in the futures market, and SHFE nickel rose by 130,000, which led to the rise of stainless steel futures, and the spot market responded cautiously. Recently, the transaction of steel strip was not satisfactory, and some steel mills announced that they would temporarily stop collecting waste. At this time, there was a strong atmosphere of price reduction in the industry, and the receiving price of manufacturers was lowered in disorder. (Analyzed by LTIT)
Aluminum: Today, Foshan aluminum market rose moderately, and the data was better than expected. Short-term profit sentiment warmed up, and the metal market rebounded. In SHFE period, aluminum returned to above 19,000, which is also a recent competitive position. Under the pressure of international environment, most aluminum factories and enterprises mainly purchased by order, which was narrowed by the discount in Guangdong Province, which dropped sharply in the early price period. Judging from the current situation, capital will be dominated by news hype, and there is still no obvious advantage in short-term demand to boost the market. It is expected that aluminum will continue to fluctuate in the recent range of around 19,000 and rebound slightly in due course.
Zinc: The United States initially requested data to ease the worries of economic slowdown. The price of zinc rebounded sharply, and the wait-and-see atmosphere still dominated the market. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers lacked confidence in the after-market, purchasing enthusiasm was not high, and the market trading atmosphere was quiet.
Stainless Steel: Rallying sentiment broke out in the futures market, and SHFE nickel rose by 130,000, which led to the rise of stainless steel futures, and the spot market responded cautiously. Recently, the transaction of steel strip was not satisfactory, and some steel mills announced that they would temporarily stop collecting waste. At this time, there was a strong atmosphere of price reduction in the industry, and the receiving price of manufacturers was lowered in disorder. (Analyzed by LTIT)
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