Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 12
2024-8-12
Copper: The spot copper price in Foshan market fell slightly today. In the short term, despite the positive signals such as the recovery of the US job market, the SHFE copper market is still constrained by multiple factors in the short term, showing a trend of shock consolidation and limited rally. The weakness of copper futures is mainly affected by the persistent macroeconomic uncertainty, and investors are waiting for more clues about the prospect of copper demand. At present, the actual supply and demand pattern of copper market is still weak. The high inventory level, especially the growth trend of LME inventory, reflects the bleak demand prospect of copper market, and the cautious attitude of capital level has jointly restricted the upward space of copper price. Last week, LME copper stocks accumulated substantially as a whole, and the latest inventory level was 296,400 tons, increasing to a new high in the past five years.
Aluminum: Today, the price of aluminum in Foshan market is stable and weak. After a sharp decline in the previous period, the risk of aluminum market has been released to some extent. The low price in the stage has stimulated the willingness of some downstream enterprises to buy on dips, and the consumer side has shown positive signs of a slight recovery. At present, the discount on aluminum ingots in Guangdong market has been narrowing. With the expected increase in the peak consumption season in the after-market, aluminum prices are expected to continue to rise.
Zinc: Today, the price of zinc in Foshan market is in a narrow range, the smelter keeps its willingness to ship, the traders still don't receive much goods, and they mainly maintain the operation of light warehouses. They only actively make inquiries in the market when the orders are fulfilled, and the downstream zinc manufacturers are relatively cautious, so the overall market transaction is dull. Today, the trend of SHFE zinc is firm, and it is expected that there will be upward momentum in the short term.
Stainless Steel: SHFE nickel retreated sharply and fell below 130,000. Stainless steel futures fell to a low point in recent months under pressure, and the spot steel strip price was in jeopardy. Steel mills took advantage of the situation to lower prices, and the scrap market fell into a chaotic adjustment atmosphere. However, the circulation of low-priced goods was small, and manufacturers in the industry returned to stable price trading. The after-market is driven by macro emotions, and stainless steel is temporarily weak. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is stable and weak. After a sharp decline in the previous period, the risk of aluminum market has been released to some extent. The low price in the stage has stimulated the willingness of some downstream enterprises to buy on dips, and the consumer side has shown positive signs of a slight recovery. At present, the discount on aluminum ingots in Guangdong market has been narrowing. With the expected increase in the peak consumption season in the after-market, aluminum prices are expected to continue to rise.
Zinc: Today, the price of zinc in Foshan market is in a narrow range, the smelter keeps its willingness to ship, the traders still don't receive much goods, and they mainly maintain the operation of light warehouses. They only actively make inquiries in the market when the orders are fulfilled, and the downstream zinc manufacturers are relatively cautious, so the overall market transaction is dull. Today, the trend of SHFE zinc is firm, and it is expected that there will be upward momentum in the short term.
Stainless Steel: SHFE nickel retreated sharply and fell below 130,000. Stainless steel futures fell to a low point in recent months under pressure, and the spot steel strip price was in jeopardy. Steel mills took advantage of the situation to lower prices, and the scrap market fell into a chaotic adjustment atmosphere. However, the circulation of low-priced goods was small, and manufacturers in the industry returned to stable price trading. The after-market is driven by macro emotions, and stainless steel is temporarily weak. (Analyzed by LTIT)
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