Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 26
2024-8-26
Copper: The spot copper price in Foshan market rose in an all-round way today, and the short-term trend fluctuated strongly. Federal Reserve Chairman Powell sent the strongest signal to cut interest rates, and the US dollar index fell sharply, while the bullish sentiment in the copper market rose significantly. In addition, it is about to enter the traditional consumption peak season of "Golden September and Silver October". It is generally expected that the demand for copper market will improve, which is expected to support the further rise of copper prices. The short-term LME copper of 9500 US dollars and SHFE copper of 75000-76000 yuan have become new concerns. Although the domestic copper inventory is declining, the pressure of LME copper inventory should not be underestimated. After the copper price rises one after another, it is still necessary to guard against the risks brought by capital profit. Traders predict that in the last trading week of August, if SHFE copper touches 75,000 yuan or faces profit pressure, the copper price trend is expected to fluctuate repeatedly.
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and the market sentiment tends to be cautious. Last week, LME aluminum surged strongly, and recorded an ultra-high weekly increase of nearly 7%, which drove SHFE aluminum to approach the 20,000 mark again. However, after the continuous increase in aluminum prices, the fear of high in the aluminum market has risen, and most aluminum manufacturers are cautious and wait-and-see, while cargo holders are actively shipping profits and the discount is further expanded.
Zinc: Today, the price of zinc in Foshan market is rising, but merchants are afraid of heights. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are even more worried about the future direction of zinc prices, and mostly wait and see, with low purchasing enthusiasm and weak overall market transactions. At present, the expectation of Golden September and Silver October is enhanced, and zinc continues to see more ideas in the short term.
Stainless Steel: SHFE nickel rebounded to the 130,000 mark, and the enthusiasm of the spot market was stimulated, and the center of gravity of steel strip trading price moved up. The circulation of waste materials is still tight, and manufacturers generally take advantage of the situation to raise the receiving price to promote delivery. As the traditional peak season of "Golden September and Silver October" approaches, the market sentiment has picked up, the downstream demand may be gradually released, and the price of stainless steel is expected to break through. ( Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and the market sentiment tends to be cautious. Last week, LME aluminum surged strongly, and recorded an ultra-high weekly increase of nearly 7%, which drove SHFE aluminum to approach the 20,000 mark again. However, after the continuous increase in aluminum prices, the fear of high in the aluminum market has risen, and most aluminum manufacturers are cautious and wait-and-see, while cargo holders are actively shipping profits and the discount is further expanded.
Zinc: Today, the price of zinc in Foshan market is rising, but merchants are afraid of heights. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are even more worried about the future direction of zinc prices, and mostly wait and see, with low purchasing enthusiasm and weak overall market transactions. At present, the expectation of Golden September and Silver October is enhanced, and zinc continues to see more ideas in the short term.
Stainless Steel: SHFE nickel rebounded to the 130,000 mark, and the enthusiasm of the spot market was stimulated, and the center of gravity of steel strip trading price moved up. The circulation of waste materials is still tight, and manufacturers generally take advantage of the situation to raise the receiving price to promote delivery. As the traditional peak season of "Golden September and Silver October" approaches, the market sentiment has picked up, the downstream demand may be gradually released, and the price of stainless steel is expected to break through. ( Analyzed by LTIT)
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