Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 18
2024-9-18
Copper: Today, the spot copper price in Foshan market is stable, the copper price has not changed much after the holiday, the Federal Reserve is about to cut interest rates, and non-ferrous metal futures are cautious. At present, the Fed's interest rate cut is a foregone conclusion. Now the key is to cut interest rates by 25 basis points or 50 basis points. At present, the social inventory of electrolytic copper in China is decreasing continuously, which supports the short-term copper price trend. However, the supply of recycled copper continues to be tight, and the asking price of the holders is firm, which also supports the price. However, since the continuous shock and rebound in early September, the copper price has accumulated a certain increase, and the risk of profit correction is not ruled out in the short term. In addition, the Fed's interest rate cut is imminent, and the short-term copper price trend may face a long-short game, and the price may fluctuate mainly at a high level, but LME copper still has a chance of $9,500.
Aluminum: The price of aluminum in Foshan market rose slightly today, mainly driven by the recent continuous rise of aluminum. At present, SHFE aluminum has gradually approached the 20,000 mark. Golden September and Silver October boosted consumer expectations. At present, the enthusiasm for spot consumption has gradually stabilized and rebounded, and the social inventory of domestic electrolytic aluminum has shown a downward trend, adding new momentum to the upward trend of aluminum prices, but it may face callback pressure after continuous rise.
Zinc: On the eve of the Federal Reserve's resolution, the price of zinc changed greatly. Most downstream manufacturers were cautious about picking goods at high altitude, mainly purchasing on demand. In the case of weak market transactions, it also dragged down the enthusiasm of traders to receive goods to a certain extent, and the overall market transactions after the holiday were average. Traders should pay attention to the high resistance of zinc in the early stage and the news of the Federal Reserve.
Stainless Steel: Stainless steel: LME nickel surged back, domestic futures restarted, SHFE nickel and stainless steel fell, spot market resumed work after the holiday, plate and strip prices generally remained stable, and the trading atmosphere was low. In terms of waste materials, the willingness of manufacturers in the industry to replenish stocks has improved, and there is a slight increase in receiving goods. After the holiday, the market sentiment picked up, the contradiction between supply and demand gradually eased, and the market remained to be broken. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today, mainly driven by the recent continuous rise of aluminum. At present, SHFE aluminum has gradually approached the 20,000 mark. Golden September and Silver October boosted consumer expectations. At present, the enthusiasm for spot consumption has gradually stabilized and rebounded, and the social inventory of domestic electrolytic aluminum has shown a downward trend, adding new momentum to the upward trend of aluminum prices, but it may face callback pressure after continuous rise.
Zinc: On the eve of the Federal Reserve's resolution, the price of zinc changed greatly. Most downstream manufacturers were cautious about picking goods at high altitude, mainly purchasing on demand. In the case of weak market transactions, it also dragged down the enthusiasm of traders to receive goods to a certain extent, and the overall market transactions after the holiday were average. Traders should pay attention to the high resistance of zinc in the early stage and the news of the Federal Reserve.
Stainless Steel: Stainless steel: LME nickel surged back, domestic futures restarted, SHFE nickel and stainless steel fell, spot market resumed work after the holiday, plate and strip prices generally remained stable, and the trading atmosphere was low. In terms of waste materials, the willingness of manufacturers in the industry to replenish stocks has improved, and there is a slight increase in receiving goods. After the holiday, the market sentiment picked up, the contradiction between supply and demand gradually eased, and the market remained to be broken. (Analyzed by LTIT)
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