Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 28
2024-8-28
Copper: The spot copper price in Foshan market is stable today, and the short-term trend is still strong. At present, there are many bullish factors in the copper market. The US dollar index plummeted to a new low of more than one year. The strong interest rate cut expectation of the Federal Reserve flooded the market, and the speculative net long orders of LME copper began to increase. In addition, SHFE copper stocks have dropped significantly by 25% since the beginning of June, to the lowest level in three months, indicating that copper demand in China is accelerating and showing a strong trend. All these factors have supported the rise of copper prices. At present, the traders have optimistic expectations for "Golden September and Silver October", so it is more active in purchasing goods than before. However, after SHFE copper rose above 75,000 yuan, the market caution has also warmed up, and it is still necessary to be wary of profit-taking pressure in the short term.
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated strongly. At present, the market sentiment is optimistic and the aluminum market is bullish. The aluminum price continues to occupy a high position, and it successfully broke through the 20,000 mark in the morning. Market consumption also began to show signs of stabilization and recovery, and the spot market quotation remained firm. The goods-holders need to make profits, and ship goods at a substantial discount, and make profits first.
Zinc: The news of joint production reduction of domestic zinc smelting enterprises and the expectation of the Federal Reserve's interest rate hike in September supported the zinc price to continue to rise. However, merchants are afraid of falling, and traders are cautious in receiving goods. Most of them make inquiries after receiving orders, and downstream manufacturers are even more worried about the future direction of zinc prices in the after-market. They mainly wait and see, and their purchasing enthusiasm is not high, and market transactions are weak.
Stainless Steel: LME nickel successfully exceeded $17,000, the domestic SHFE nickel and stainless steel futures were blocked, the spot market confidence was still good, the steel strip transaction improved, and the scrap industry manufacturers continued to actively inquire for goods. With the double promotion of raw materials and futures, and the expectation of golden September peak season, the short-term stainless steel market will have room for upward breakthrough. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated strongly. At present, the market sentiment is optimistic and the aluminum market is bullish. The aluminum price continues to occupy a high position, and it successfully broke through the 20,000 mark in the morning. Market consumption also began to show signs of stabilization and recovery, and the spot market quotation remained firm. The goods-holders need to make profits, and ship goods at a substantial discount, and make profits first.
Zinc: The news of joint production reduction of domestic zinc smelting enterprises and the expectation of the Federal Reserve's interest rate hike in September supported the zinc price to continue to rise. However, merchants are afraid of falling, and traders are cautious in receiving goods. Most of them make inquiries after receiving orders, and downstream manufacturers are even more worried about the future direction of zinc prices in the after-market. They mainly wait and see, and their purchasing enthusiasm is not high, and market transactions are weak.
Stainless Steel: LME nickel successfully exceeded $17,000, the domestic SHFE nickel and stainless steel futures were blocked, the spot market confidence was still good, the steel strip transaction improved, and the scrap industry manufacturers continued to actively inquire for goods. With the double promotion of raw materials and futures, and the expectation of golden September peak season, the short-term stainless steel market will have room for upward breakthrough. (Analyzed by LTIT)
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