Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 21
2024-8-21
Copper: The spot copper price in Foshan market fell slightly today, and after several days of rebound, the copper price was under profit-taking pressure. On the whole, the recent trend of copper prices is optimistic, with the decline of the US dollar and the improvement of China's demand jointly stimulating buying, the market's bullish sentiment rising, and the expectation of interest rate cuts hinted by Fed officials. The downward pressure on the US dollar has injected strong impetus into the demand prospect of the metal market. However, the LME copper social pool once again surged to a five-year high, highlighting the sufficient supply, which put a significant downward pressure on copper prices, and the short-term copper price may continue to fluctuate in the range. Due to the unclear trend of copper price and limited demand in the copper market, the domestic spot market is cautious and slightly wait-and-see, and the willingness to buy spot is sluggish, which further weakens the upward momentum of copper price.
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the market transactions are relatively cautious. Recently, SHFE aluminum has been rising one after another, gradually approaching the 20,000 mark. Now the cautious mood in the aluminum market has warmed up. Because the current aluminum market demand has not improved significantly, and the aluminum price is worried about a high callback, it is still cautious and wait-and-see in the purchase. Now the aluminum discount has expanded again with the profit-making mentality of the goods holders.
Zinc: Today, the price of zinc in Foshan market fluctuates strongly, which aggravates the wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, and basically maintain inventory. Most downstream manufacturers only make inquiries after receiving orders, and purchase according to orders, so market transactions are dull. The peak season is gradually entering the market, and the follow-up consumption is expected to improve. It is expected that short-term zinc will have upward momentum.
Stainless Steel: LME nickel pushed up, and then challenged $17,000, and SHFE nickel rose to the 130,000 mark. The rise in nickel price helped stainless steel futures to rise, but the trading atmosphere of spot plate and strip was weak. In addition, the scrap market was cautious and the circulation of goods was tight. Due to the limitation of capital turnover, the manufacturers in the industry had no intention of buying at high level with delivery for the time being. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the market transactions are relatively cautious. Recently, SHFE aluminum has been rising one after another, gradually approaching the 20,000 mark. Now the cautious mood in the aluminum market has warmed up. Because the current aluminum market demand has not improved significantly, and the aluminum price is worried about a high callback, it is still cautious and wait-and-see in the purchase. Now the aluminum discount has expanded again with the profit-making mentality of the goods holders.
Zinc: Today, the price of zinc in Foshan market fluctuates strongly, which aggravates the wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, and basically maintain inventory. Most downstream manufacturers only make inquiries after receiving orders, and purchase according to orders, so market transactions are dull. The peak season is gradually entering the market, and the follow-up consumption is expected to improve. It is expected that short-term zinc will have upward momentum.
Stainless Steel: LME nickel pushed up, and then challenged $17,000, and SHFE nickel rose to the 130,000 mark. The rise in nickel price helped stainless steel futures to rise, but the trading atmosphere of spot plate and strip was weak. In addition, the scrap market was cautious and the circulation of goods was tight. Due to the limitation of capital turnover, the manufacturers in the industry had no intention of buying at high level with delivery for the time being. (Analyzed by LTIT)
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