Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 23
2024-8-23
Copper: The spot copper price in Foshan market fell slightly today, and the short-term fluctuation pattern was more prominent. The price increase was weak, but the decline was supported. On the eve of the annual Jackson Hole Symposium, the market sentiment is tense, short-term market volatility is expected to intensify, and market risk aversion is heating up. Traders are worried that short-term copper prices may face greater downward pressure. Therefore, investors generally adopt conservative strategies, and tend to be safe, thus aggravating the short-selling atmosphere in the copper market. The rise of copper price at the beginning of the week has weakened the motivation of the downstream rigid demand to replenish stocks, and the continuous demand for buying in the market has weakened, which has hindered the destocking of domestic copper stocks. In the spot market, the goods-holders are actively shipping under the mentality of profit at the end of the month, and the discount of electrolytic copper in Guangdong has expanded, but buyers are cautious in receiving goods.
Aluminum: Today, the aluminum price in Foshan market is stable, and the market is waiting for more information. After the aluminum price re-approached the 20,000 mark, profit pressure appeared. However, the support at the bottom of the aluminum market is still strong, and the price decline is expected to be limited. On the one hand, the cost side is supported by alumina, and on the other hand, the market's expectation of aluminum demand in the peak season still exists.
Zinc: Today, the price of zinc in Foshan market continues to rise, and the enthusiasm of cargo holders for shipment is enhanced under the stimulation of zinc price rise. Market participants are cautious, and downstream manufacturers are hesitant to buy goods on rallies, so the overall market transaction is weak. The zinc mine end continues to be tight, gold is expected to increase in September and October, and zinc short-term continues to go long.
Stainless Steel: LME nickel failed to hit $17,000, and turned around sharply. Domestic SHFE nickel and stainless steel futures were pushed back. The spot market has pressed the pause button, and the recent price increase has been returned to its original shape. The atmosphere of scrap trading has turned pale, and manufacturers have different operating mentalities. However, the circulation of goods has shrunk seriously, and the gap between transaction prices has widened. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the market is waiting for more information. After the aluminum price re-approached the 20,000 mark, profit pressure appeared. However, the support at the bottom of the aluminum market is still strong, and the price decline is expected to be limited. On the one hand, the cost side is supported by alumina, and on the other hand, the market's expectation of aluminum demand in the peak season still exists.
Zinc: Today, the price of zinc in Foshan market continues to rise, and the enthusiasm of cargo holders for shipment is enhanced under the stimulation of zinc price rise. Market participants are cautious, and downstream manufacturers are hesitant to buy goods on rallies, so the overall market transaction is weak. The zinc mine end continues to be tight, gold is expected to increase in September and October, and zinc short-term continues to go long.
Stainless Steel: LME nickel failed to hit $17,000, and turned around sharply. Domestic SHFE nickel and stainless steel futures were pushed back. The spot market has pressed the pause button, and the recent price increase has been returned to its original shape. The atmosphere of scrap trading has turned pale, and manufacturers have different operating mentalities. However, the circulation of goods has shrunk seriously, and the gap between transaction prices has widened. (Analyzed by LTIT)
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