Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 27
2024-8-27
Copper: The spot copper price in Foshan market rose slightly today, and the short-term trend is still strong. Against the background of the expected warming of interest rate cuts in the United States and the surge in international oil prices, the optimism in the external market pushed up copper prices, and the bullish confidence in the domestic copper market also increased. SHFE copper once broke through the short-term resistance level of 75,000 yuan. At present, there are many bullish factors in the copper market. With the approaching of the traditional peak season in China, the market demand is expected to continue to improve, which provides strong support for copper prices. It is worth noting that after the recent short-term correction of copper prices, copper wire manufacturers have increased their orders, reflecting their optimism about the market prospects. At present, traders are is optimistic about the expectation of "Golden September and Silver October", and traders have entered the market to stock up and purchase, supporting the rise of copper prices.
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and trading is cautious. With SHFE aluminum approaching the 20,000 mark again, the cautious mood in the market has warmed up, and the fear of high prices in the aluminum market has also risen. After all, the demand in the aluminum market has not improved significantly. Aluminum manufacturers are worried about the short-term high price of aluminum, so most of them are cautious in purchasing, and now aluminum reappears with high premium.
Zinc: Today, the upward trend of zinc price in Foshan market is obviously weakened, the cautious mentality of market participants remains unchanged, the willingness of cargo holders to ship is positive, and the wait-and-see mood of downstream manufacturers is obvious. Most of them mainly focus on inquiry, maintain on-demand procurement, inhibit market transactions, and the overall market transactions are average.
Stainless Steel: LME nickel rose nearly $17,000 to challenge the barrier resistance again, SHFE nickel and stainless steel futures rose simultaneously, the spot market ignited the atmosphere of price increase, and scrap manufacturers actively followed the trend to receive goods because of less goods. Under the double impetus, superimposed with the golden September peak season expectation, the short-term market will show signs of upward breakthrough. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and trading is cautious. With SHFE aluminum approaching the 20,000 mark again, the cautious mood in the market has warmed up, and the fear of high prices in the aluminum market has also risen. After all, the demand in the aluminum market has not improved significantly. Aluminum manufacturers are worried about the short-term high price of aluminum, so most of them are cautious in purchasing, and now aluminum reappears with high premium.
Zinc: Today, the upward trend of zinc price in Foshan market is obviously weakened, the cautious mentality of market participants remains unchanged, the willingness of cargo holders to ship is positive, and the wait-and-see mood of downstream manufacturers is obvious. Most of them mainly focus on inquiry, maintain on-demand procurement, inhibit market transactions, and the overall market transactions are average.
Stainless Steel: LME nickel rose nearly $17,000 to challenge the barrier resistance again, SHFE nickel and stainless steel futures rose simultaneously, the spot market ignited the atmosphere of price increase, and scrap manufacturers actively followed the trend to receive goods because of less goods. Under the double impetus, superimposed with the golden September peak season expectation, the short-term market will show signs of upward breakthrough. (Analyzed by LTIT)
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