Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 4
2024-9-4
Copper: Today, the spot copper price in Foshan market has fallen sharply under pressure, and the market caution has warmed up. "Golden September" started badly, which frustrated the confidence of market trading and made trading more cautious. The continuous rise of the US dollar index and the weak economic data between China and the United States further aggravated the market's concern about future demand. Domestic and foreign copper prices fell under pressure, LME copper once fell below the $9,000 mark, SHFE copper once fell below 72,000 yuan, and spot copper prices fell under pressure by more than 1,000 yuan per ton. However, there is no panic in the market for the successive decline of copper prices in early September. Some traders think that the callback at this time is more conducive to replenishment in the peak season and can reduce the purchase cost, but the operation is still based on bargain hunting and small purchases. The traders believe that the short-term copper price of 9000 US dollars is the key support level.
Aluminum: Today, the price of aluminum in Foshan market fell under pressure, and trading was cautious. At present, electrolytic aluminum enterprises in Yunnan have basically resumed production, and the supply pressure is expected to increase. At present, the inventory of SHFE aluminum is slow, and the continued downturn in the superimposed consumer market puts a lot of pressure on the aluminum price. In the short term, SHFE aluminum and current aluminum prices may continue to face downward pressure.
Zinc: The US recession is worrying again, and the price of zinc is fluctuating with Horizontal Price Movement under pressure. Traders in the industry generally believe that the current zinc price is still unstable, and they are worried that the zinc price will continue to drop after attracting more, and the demand problem will limit market transactions, and downstream manufacturers will purchase goods on a single basis, and the market transactions will be average. Fundamental support is weakened, and zinc may continue the callback direction.
Stainless Steel: The economic recession has reignited, nickel prices have fallen sharply again, stainless steel futures have continued to decline to the bottom, the spot market has been under pressure and the atmosphere has fallen, the operation of waste industry has turned cautious, manufacturers have kept prices down to avoid risks, and low-priced goods have not been traded smoothly. At present, the fundamentals of nickel and stainless steel market show no signs of improvement, and the bearish mentality will suppress the short-term market. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market fell under pressure, and trading was cautious. At present, electrolytic aluminum enterprises in Yunnan have basically resumed production, and the supply pressure is expected to increase. At present, the inventory of SHFE aluminum is slow, and the continued downturn in the superimposed consumer market puts a lot of pressure on the aluminum price. In the short term, SHFE aluminum and current aluminum prices may continue to face downward pressure.
Zinc: The US recession is worrying again, and the price of zinc is fluctuating with Horizontal Price Movement under pressure. Traders in the industry generally believe that the current zinc price is still unstable, and they are worried that the zinc price will continue to drop after attracting more, and the demand problem will limit market transactions, and downstream manufacturers will purchase goods on a single basis, and the market transactions will be average. Fundamental support is weakened, and zinc may continue the callback direction.
Stainless Steel: The economic recession has reignited, nickel prices have fallen sharply again, stainless steel futures have continued to decline to the bottom, the spot market has been under pressure and the atmosphere has fallen, the operation of waste industry has turned cautious, manufacturers have kept prices down to avoid risks, and low-priced goods have not been traded smoothly. At present, the fundamentals of nickel and stainless steel market show no signs of improvement, and the bearish mentality will suppress the short-term market. (Analyzed by LTIT)
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