Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 19
2024-8-19
Copper: The spot copper price in Foshan market rose slightly today, and the market sentiment was cautiously improving. Coming into the end of August, the copper price has stopped falling and rebounded. What kind of surprise will it bring to the copper market in the face of the upcoming traditional consumption season of "Golden September and Silver October"? Is the opportunity of copper price rising coming soon? Recently, a series of economic data released by the United States are optimistic, which effectively eased the market's concern that the US economy may fall into recession, and then promoted the general recovery of metal prices. In addition, the latest strike news of Chilean copper mines has once again aggravated the market's concerns about mineral supply and provided some support for copper prices. However, the continuous increase of LME copper inventory may put pressure on the rise of copper price, mainly in the short term or shock.
Aluminum: Today, the price of aluminum in Foshan market has further increased, with a large increase. Near the traditional consumption peak season of "Golden September and Silver October", the market sentiment has improved, and traders expect the terminal demand to pick up. After the aluminum price stops falling and stabilizes, the panic selling sentiment in the downstream gradually weakens, and the demand for stocking on dips is expected to gradually increase, creating more room for the upward trend of aluminum prices.
Zinc: Last week, the economic data of China and the United States were favorable, and the price of zinc continued to rise. Most merchants mainly waited and saw, purchasing enthusiasm was not high, and inventory was digested. The asking price of the holders was firm, and the overall market transactions were flat. The continuous decline in the processing fee of zinc concentrate indicates that the supply of zinc concentrate is tight. When entering the peak season, the traders expect the follow-up consumption to improve, and it is expected that the short-term zinc will have upward momentum.
Stainless Steel: The price range of nickel fluctuates, and stainless steel continues to rebound. The spot market is weak, and the center of gravity of steel strip prices shows signs of moving down. There are many actions to make profits, and the scrap transaction is dull. Manufacturers are generally troubled by capital turnover problems, and buyers' purchases also maintain low prices, which seriously affects the transaction of goods. The stainless steel market in the after-market is expected to be fine-tuned. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further increased, with a large increase. Near the traditional consumption peak season of "Golden September and Silver October", the market sentiment has improved, and traders expect the terminal demand to pick up. After the aluminum price stops falling and stabilizes, the panic selling sentiment in the downstream gradually weakens, and the demand for stocking on dips is expected to gradually increase, creating more room for the upward trend of aluminum prices.
Zinc: Last week, the economic data of China and the United States were favorable, and the price of zinc continued to rise. Most merchants mainly waited and saw, purchasing enthusiasm was not high, and inventory was digested. The asking price of the holders was firm, and the overall market transactions were flat. The continuous decline in the processing fee of zinc concentrate indicates that the supply of zinc concentrate is tight. When entering the peak season, the traders expect the follow-up consumption to improve, and it is expected that the short-term zinc will have upward momentum.
Stainless Steel: The price range of nickel fluctuates, and stainless steel continues to rebound. The spot market is weak, and the center of gravity of steel strip prices shows signs of moving down. There are many actions to make profits, and the scrap transaction is dull. Manufacturers are generally troubled by capital turnover problems, and buyers' purchases also maintain low prices, which seriously affects the transaction of goods. The stainless steel market in the after-market is expected to be fine-tuned. (Analyzed by LTIT)
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