Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 29
2024-8-29
Copper: The spot copper price in Foshan market fell sharply today, mainly due to the combined decline of copper futures in SHFE and LME. The strong rebound of the US dollar index forced the fund's buying activities to be suspended, producers took the opportunity to sell on rallies, and basic metals fell into a slump, and copper futures were not spared. LME copper returned to the vicinity of $9,200, while SHFE copper returned to the front line of $74,000. Spot copper prices fell under pressure, and copper manufacturers were more cautious to wait and see. The driving force for the successive rise of copper prices in the early stage is more from the macro level, but the fundamentals lack the driving force. Although it is close to the traditional peak season, the actual market demand has not improved significantly. At present, the overall inventory level of copper remains at a high level, and its support strength is not strong, while the market spot has been sluggish, and the weak consumption posture at the end of the month is hard to change.
Aluminum: Today, the price of aluminum in Foshan market is falling with the broader market, and SHFE aluminum is at a high level. After breaking through the 20,000 mark, it turned sharply, which shows that the market confidence is still insufficient. Despite the approach of "Golden September and Silver October", the consumption in the aluminum market continues to be weak, the trading activity is not high, it is difficult for the market to find new trading power, and the short-term aluminum price may still be under pressure.
Zinc: The soaring US dollar suppressed the upward trend of zinc price, and the market wait-and-see atmosphere was strong. Traders were more cautious in receiving goods, and basically maintained low inventory operation. They only made inquiries after receiving orders, and downstream manufacturers with rigid demands purchased in small quantities, so the market transactions were dull.
Stainless Steel: USD rose, metals were under pressure, LME nickel fell back to a high level, SHFE nickel and stainless steel futures both declined, the spot market returned to its original shape, trading turned to a cautious atmosphere, the transaction and circulation of waste sources were still not smooth, and the purchasing prices of some manufacturers had been slightly lowered from the recent high level. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is falling with the broader market, and SHFE aluminum is at a high level. After breaking through the 20,000 mark, it turned sharply, which shows that the market confidence is still insufficient. Despite the approach of "Golden September and Silver October", the consumption in the aluminum market continues to be weak, the trading activity is not high, it is difficult for the market to find new trading power, and the short-term aluminum price may still be under pressure.
Zinc: The soaring US dollar suppressed the upward trend of zinc price, and the market wait-and-see atmosphere was strong. Traders were more cautious in receiving goods, and basically maintained low inventory operation. They only made inquiries after receiving orders, and downstream manufacturers with rigid demands purchased in small quantities, so the market transactions were dull.
Stainless Steel: USD rose, metals were under pressure, LME nickel fell back to a high level, SHFE nickel and stainless steel futures both declined, the spot market returned to its original shape, trading turned to a cautious atmosphere, the transaction and circulation of waste sources were still not smooth, and the purchasing prices of some manufacturers had been slightly lowered from the recent high level. (Analyzed by LTIT)
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