Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 5
2024-9-5
Copper: The spot copper price in Foshan market dropped slightly today, showing signs of slowing down compared with earlier, and the market anxiety has eased. At present, LME copper is fiercely competing for the first line of $9,000, while the main contract of SHFE copper is kept in a narrow range of $72,000. Will the short-term copper price continue the weak trend or stop falling and rally? Recently, the continuous decline of copper prices is mainly due to the weak economic data between China and the United States, which makes the market worry about the future demand for metals. At present, the copper price is at a low stage, and there is a phenomenon of replenishment on dips in the market. However, some merchants are still worried that the short-term copper price may continue to fall, so the purchase is still cautious and the number of purchases is limited. Therefore, the overall support of the current market is weak, and the price fluctuates within a narrow range.
Aluminum: The price of aluminum in Foshan market has not changed much today. At present, there is still no obvious improvement in the consumption of aluminum market, and merchants are still purchasing on demand. The boosting effect of the traditional "golden September" peak season needs further observation and verification. It is worth noting that the recent decline in aluminum prices has also promoted some consumption. Now the aluminum discount has narrowed, and the traders are concerned about the order situation after entering September.
Zinc: U.S. job vacancy data is weak, interest rate cut by 50 basis points heats up, and zinc prices continue to drop. The wait-and-see atmosphere dominates the market, traders are more cautious about receiving goods, downstream manufacturers are worried about the after-market, purchasing enthusiasm is not high, the market trading atmosphere is quiet, and the overall transaction is average. The benefits of production reduction have subsided, and the fundamental support has weakened. It is expected that zinc will continue to decline before the holiday.
Stainless Steel: Nickel price staged a double dip, with a cumulative drop of 9000 yuan/ton in six trading days, and stainless steel futures hit a low and rebounded. At present, the expected improvement of demand in the peak season in September has not been fulfilled, and the spot steel strip transaction is still weak. Steel mills have reduced the price of scrap procurement in order to maintain production profits, and the risk aversion in the industry has rapidly warmed up, and the receiving price of manufacturers and buyers has continued to drop. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market has not changed much today. At present, there is still no obvious improvement in the consumption of aluminum market, and merchants are still purchasing on demand. The boosting effect of the traditional "golden September" peak season needs further observation and verification. It is worth noting that the recent decline in aluminum prices has also promoted some consumption. Now the aluminum discount has narrowed, and the traders are concerned about the order situation after entering September.
Zinc: U.S. job vacancy data is weak, interest rate cut by 50 basis points heats up, and zinc prices continue to drop. The wait-and-see atmosphere dominates the market, traders are more cautious about receiving goods, downstream manufacturers are worried about the after-market, purchasing enthusiasm is not high, the market trading atmosphere is quiet, and the overall transaction is average. The benefits of production reduction have subsided, and the fundamental support has weakened. It is expected that zinc will continue to decline before the holiday.
Stainless Steel: Nickel price staged a double dip, with a cumulative drop of 9000 yuan/ton in six trading days, and stainless steel futures hit a low and rebounded. At present, the expected improvement of demand in the peak season in September has not been fulfilled, and the spot steel strip transaction is still weak. Steel mills have reduced the price of scrap procurement in order to maintain production profits, and the risk aversion in the industry has rapidly warmed up, and the receiving price of manufacturers and buyers has continued to drop. (Analyzed by LTIT)
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