Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 3
2024-9-3
Copper: The spot copper price in Foshan market is stable today, and the transaction is still dull. The weak manufacturing data in China deepened the demand worries, which led to the frustration of market sentiment, which put significant pressure on metal prices. The pressure on SHFE copper fell one after another, and the cautious mood in the spot copper market warmed up. Although it has entered the traditional peak season in September, the demand in the copper market has not improved significantly. At present, the consumption in spot copper continues to be sluggish, and the transactions between buyers and sellers in the market seem anxious. The downstream receivers only maintain the rigid demand and purchase at a low level, without releasing more demand, which leads to the fact that the physical goods transaction volume is repeatedly lower than expected, which has a significant negative impact on the market transaction activity. In this context, copper prices remain within a narrow range, and the market has a strong wait-and-see mood. It is expected that short-term copper prices will rise and fall in a limited way.
Aluminum: Today, the aluminum price in Foshan market is stable. At present, the key support level of aluminum price has fallen to around 19,500 yuan/ton, which triggered some funds to take profits at a high level and aggravated the downward trend of aluminum price. At present, the trading atmosphere between buyers and sellers in the aluminum market is particularly weak. Downstream enterprises are afraid of falling and choose to enter the market cautiously, with a strong wait-and-see atmosphere, and businesses continue to offer at a substantial discount.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the market, and some of them purchase in small quantities with rigid demand, and market transactions have not changed much.
Stainless Steel: Golden September became a " shockinging September", stainless steel futures continued to drop and dropped to the previous low point, the spot market was silent, the price of steel strip dropped, and the scrap market was also suppressed. Although the price drop atmosphere emerged in the industry, it was difficult for manufacturers to receive goods at low prices, and the price performance was firm with less supply. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. At present, the key support level of aluminum price has fallen to around 19,500 yuan/ton, which triggered some funds to take profits at a high level and aggravated the downward trend of aluminum price. At present, the trading atmosphere between buyers and sellers in the aluminum market is particularly weak. Downstream enterprises are afraid of falling and choose to enter the market cautiously, with a strong wait-and-see atmosphere, and businesses continue to offer at a substantial discount.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the market, and some of them purchase in small quantities with rigid demand, and market transactions have not changed much.
Stainless Steel: Golden September became a " shockinging September", stainless steel futures continued to drop and dropped to the previous low point, the spot market was silent, the price of steel strip dropped, and the scrap market was also suppressed. Although the price drop atmosphere emerged in the industry, it was difficult for manufacturers to receive goods at low prices, and the price performance was firm with less supply. (Analyzed by LTIT)
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