Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 14
2024-8-14
Copper: The spot copper price in Foshan market fell slightly today, and the rebound still faces many obstacles. At present, LME copper fluctuates around $9,000, while the main contract of SHFE copper fluctuates around $72,000. In the short term, the trend of copper price is still full of many uncertainties, and the possibility of further decline is not ruled out. At present, American economic data has attracted much attention. The upcoming CPI and retail sales data in July affect the sensitive nerves of the market, and market sentiment generally tends to be cautious. In this context, the adjustment of market positions has become a big negative factor, and some speculators choose to sell copper to lock in the profits brought by the recent rebound, further suppressing the upside of copper prices. However, the copper mine strike may limit the decline in copper prices.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly. At present, the price of aluminum is at a lower price, and the traders expect that there is limited room for further decline in aluminum prices. At present, the optimistic prospect of the traditional "Golden September and Silver October" consumption season in China provides some support for the aluminum price. However, the current market performance is still sluggish, and the willingness of merchants to replenish goods is not high, which has limited support for the rise of aluminum prices.
Zinc: The large increase in the inventory of LME zinc suppressed the decline in the price of zinc, and the participation in market transactions was generally not high. The goods-holders delivered goods at a high price, and the downstream materials-using enterprises replenished goods with rigid demand, mainly purchasing by single quantity, and the overall market remained stable. In July, zinc production decreased year-on-year. Due to the off-season consumption, the actual demand has not improved significantly for the time being. The market expects the follow-up consumption to improve, and it is expected that short-term zinc will have upward momentum.
Stainless Steel: Stainless steel futures continued their weak downward trend, and the news of spot price reduction was everywhere, which further damaged market confidence and made the transaction even more bleak. In terms of scrap, although large steel mills raise the purchase price of molten steel, the industry is not willing to follow suit, and it is still afraid of the pressure of falling steel strip prices, and the transaction is kept at a low price level. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly. At present, the price of aluminum is at a lower price, and the traders expect that there is limited room for further decline in aluminum prices. At present, the optimistic prospect of the traditional "Golden September and Silver October" consumption season in China provides some support for the aluminum price. However, the current market performance is still sluggish, and the willingness of merchants to replenish goods is not high, which has limited support for the rise of aluminum prices.
Zinc: The large increase in the inventory of LME zinc suppressed the decline in the price of zinc, and the participation in market transactions was generally not high. The goods-holders delivered goods at a high price, and the downstream materials-using enterprises replenished goods with rigid demand, mainly purchasing by single quantity, and the overall market remained stable. In July, zinc production decreased year-on-year. Due to the off-season consumption, the actual demand has not improved significantly for the time being. The market expects the follow-up consumption to improve, and it is expected that short-term zinc will have upward momentum.
Stainless Steel: Stainless steel futures continued their weak downward trend, and the news of spot price reduction was everywhere, which further damaged market confidence and made the transaction even more bleak. In terms of scrap, although large steel mills raise the purchase price of molten steel, the industry is not willing to follow suit, and it is still afraid of the pressure of falling steel strip prices, and the transaction is kept at a low price level. (Analyzed by LTIT)
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