Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 20
2024-8-20
Copper: The spot copper price in Foshan market has not changed much today. After several days of rebound, the upper resistance appears. Recently, the trend of copper price is relatively optimistic. The decline of the US dollar and the improvement of China's demand have stimulated buying, and the market sentiment has risen. Superimposed with the expectation that Fed officials will cut interest rates, the stock market has risen, the US dollar has been under pressure, and the market optimism has spread rapidly, which has injected strong impetus into the demand prospect of the metal market. The traders are generally optimistic about the copper price in the afternoon. Recently, the copper price has fallen to a relatively low level, attracting many copper manufacturers and traders to enter the market to buy goods. It is reported that the downstream orders are performing well and the stock replenishment mood is positive, and the spot premium in the market tends to be stable and rising. These factors jointly help the copper price to rise, and the short-term copper price is expected to fluctuate and rise.
Aluminum: Today, the aluminum price in Foshan market is stable, approaching the traditional consumption peak season of "Golden September and Silver October", the market sentiment has improved, and the industry expects 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. Recently, the orders of aluminum manufacturers have improved significantly.
Zinc: Today, the price of zinc in Foshan market dropped slightly, mainly due to the high callback of zinc futures. After the continuous increase in recent days, the price of zinc needs to be profitable, but the asking price of the holders is still firm. At present, traders are still optimistic about the trend of zinc price in the future, because the market expects that the peak consumption season will come soon, when the demand in the zinc market will improve and support the zinc price to rise further.
Stainless Steel: LME nickel fluctuated widely, SHFE nickel hovered around 130,000, stainless steel futures continued to rebound, the spot market took advantage of the situation, 304 positive materials were slightly raised, and the scrap trading atmosphere was stimulated at the same time, and the buyers in the industry received a small increase, which was intended to promote the transaction activity. ( Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, approaching the traditional consumption peak season of "Golden September and Silver October", the market sentiment has improved, and the industry expects 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. Recently, the orders of aluminum manufacturers have improved significantly.
Zinc: Today, the price of zinc in Foshan market dropped slightly, mainly due to the high callback of zinc futures. After the continuous increase in recent days, the price of zinc needs to be profitable, but the asking price of the holders is still firm. At present, traders are still optimistic about the trend of zinc price in the future, because the market expects that the peak consumption season will come soon, when the demand in the zinc market will improve and support the zinc price to rise further.
Stainless Steel: LME nickel fluctuated widely, SHFE nickel hovered around 130,000, stainless steel futures continued to rebound, the spot market took advantage of the situation, 304 positive materials were slightly raised, and the scrap trading atmosphere was stimulated at the same time, and the buyers in the industry received a small increase, which was intended to promote the transaction activity. ( Analyzed by LTIT)
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