Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 20
2024-9-20
Copper: The spot copper price in Foshan market rose sharply today, and the cautious mood in the market warmed up slightly. After the holiday, copper continued to rebound, LME copper approached $9,600 infinitely, and the main contract of SHFE copper once rose above 76,000 yuan, driving the spot copper price to rise in an all-round way. According to the analysis, the current macro environment is also biased towards bullish, and the financial market as a whole shows bullish sentiment. The domestic stock reduction has accelerated, and the spot premium of copper has stabilized and rallied, indicating that copper prices are expected to continue to rise in the future. Previously, the market rumored that the policy of Decree No.783 in Jiangxi, Anhui and other places was postponed to 2028, and the recycling metal industry rekindled its enthusiasm for trading. After the Mid-Autumn Festival, copper rod enterprises joined the ranks of buyers, and the recycling copper trade showed a growth pattern, supporting prices.
Aluminum: Today, the price of aluminum in Foshan market rose further, mainly driven by the recent continuous rise of aluminum. At present, SHFE aluminum has successfully broken through the 20,000 mark. The golden September and the 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. However, after the continuous rise of aluminum prices, it is necessary to be alert to the callback pressure.
Zinc: the price of zinc continues to rise and approaches the previous high level. Downstream middlemen and traders are worried about the trend of zinc market in the future and maintain their enthusiasm for shipment. The purchasing intention of zinc manufacturers is not strong, and most of them maintain on-demand procurement. Market transactions are basically from traders, and the overall market transactions are general. The favorable supply side and the optimism of the overall financial market led to the expectation that zinc would continue to rise.
Stainless Steel: Nickel and stainless steel futures maintained a rebound momentum, and the favorable market stimulated the spot trading atmosphere. The 304 steel strip rose slightly, and the enthusiasm for pursuing goods in the scrap industry continued to heat up. Manufacturers and buyers actively followed suit, and the market maintained a slight upward trend. At present, the center of gravity of raw material shock is gradually moving up, and the demand meets expectations, and stainless steel is expected to break through the resistance. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, mainly driven by the recent continuous rise of aluminum. At present, SHFE aluminum has successfully broken through the 20,000 mark. The golden September and the 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. However, after the continuous rise of aluminum prices, it is necessary to be alert to the callback pressure.
Zinc: the price of zinc continues to rise and approaches the previous high level. Downstream middlemen and traders are worried about the trend of zinc market in the future and maintain their enthusiasm for shipment. The purchasing intention of zinc manufacturers is not strong, and most of them maintain on-demand procurement. Market transactions are basically from traders, and the overall market transactions are general. The favorable supply side and the optimism of the overall financial market led to the expectation that zinc would continue to rise.
Stainless Steel: Nickel and stainless steel futures maintained a rebound momentum, and the favorable market stimulated the spot trading atmosphere. The 304 steel strip rose slightly, and the enthusiasm for pursuing goods in the scrap industry continued to heat up. Manufacturers and buyers actively followed suit, and the market maintained a slight upward trend. At present, the center of gravity of raw material shock is gradually moving up, and the demand meets expectations, and stainless steel is expected to break through the resistance. (Analyzed by LTIT)
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