Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 22
2024-8-22
Copper: The spot copper price in Foshan market rose slightly today, and the short-term price remained strong and fluctuated, but the further upward resistance was still obvious. At present, the trend of copper price is mainly affected by the expectation of interest rate cut. The expectation of interest rate cut by the Federal Reserve has directly promoted the decline of the dollar and the rise of copper price. However, it should be noted that the copper inventory in LME registered warehouses is still at a five-year high, which reflects that the demand for metal consumption is still weak, which may limit the rising space of copper prices to some extent. Spot electrolytic copper rose sharply in the early stage, and the profit-making willingness of the holders increased. Guangdong showed a slight discount, while the sales of recycled copper were still partially under the new regulations. However, due to the small amount of goods, the prices of the holders were still firm. Short-term attention to whether the demand in peak season will improve.
Aluminum: Today, the price of aluminum in Foshan market rose steadily and slightly, and the market transactions were 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 continues to rise. Traders seem to be more cautious in receiving goods during this period, focusing on maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights and mostly wait and see, with low purchasing enthusiasm and dull market transactions.
Stainless Steel: LME nickel continued to attack the $17,000 mark, and the rise in nickel price helped stainless steel futures rebound. The spot market blew a warm wind of price increase, and demand was expected to improve. The scrap trading sentiment was also stimulated, and manufacturers regained their confidence in operation. Some buyers purchased at high prices and receive goods, and the overall price increase atmosphere was not obvious. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose steadily and slightly, and the market transactions were 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 continues to rise. Traders seem to be more cautious in receiving goods during this period, focusing on maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights and mostly wait and see, with low purchasing enthusiasm and dull market transactions.
Stainless Steel: LME nickel continued to attack the $17,000 mark, and the rise in nickel price helped stainless steel futures rebound. The spot market blew a warm wind of price increase, and demand was expected to improve. The scrap trading sentiment was also stimulated, and manufacturers regained their confidence in operation. Some buyers purchased at high prices and receive goods, and the overall price increase atmosphere was not obvious. (Analyzed by LTIT)
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