Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 24
2024-9-24
Copper: The spot copper price in Foshan market stopped falling and rebounded today, and the trading mood in the market was cautiously improving. Stimulated by the news that the central bank announced the RRR cut, interest rate cut, mortgage interest rate reduction, and the creation of new monetary instruments to support the development of the stock market, the three major stock indexes of A shares collectively opened higher on September 24, and the non-ferrous metals in SHFE rose across the board. SHFE copper weighed more than 76,000 yuan, hitting an intraday high of 76,320 yuan/ton. From a fundamental point of view, the domestic copper society library continues to accelerate the support of copper prices; At the same time, spot consumption is gradually picking up, especially when the National Day holiday is approaching, the demand for replenishment of downstream enterprises is still strong, and the spot premium is strong, which further drives the upward trend of copper prices. Now copper is on the rise and the market is bullish.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rose, with a relatively limited increase. The favorable policies have brought optimism to the aluminum market. However, the current aluminum ingot library has once again weakened the price support. At the same time, the aluminum price has climbed to a relatively high level, which has significantly inhibited the generation of new orders downstream and adversely affected the consumption of electrolytic aluminum. In the short term, the aluminum price may have the risk of further correction.
Zinc: A new round of national stimulus policies has been introduced, which is beneficial to promote the strong trend of zinc. The fear of falling in the market is still strong, and traders are extremely cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers hesitate about the whereabouts of zinc prices before the long holiday, and most of them wait and see, and their purchasing enthusiasm is not high. The overall market transaction is average.
Stainless Steel: The People’s Bank of China lowered required reserve ratios, and the nickel price stopped falling and rallied with the trend. Only the stainless steel futures still fell. The wait-and-see atmosphere in the spot market was intensive, the scrap trading performance was light, it was difficult for buyers to close the deal at low prices, the goods supplying was slow on the site, and the supply circulation was tight. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rose, with a relatively limited increase. The favorable policies have brought optimism to the aluminum market. However, the current aluminum ingot library has once again weakened the price support. At the same time, the aluminum price has climbed to a relatively high level, which has significantly inhibited the generation of new orders downstream and adversely affected the consumption of electrolytic aluminum. In the short term, the aluminum price may have the risk of further correction.
Zinc: A new round of national stimulus policies has been introduced, which is beneficial to promote the strong trend of zinc. The fear of falling in the market is still strong, and traders are extremely cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers hesitate about the whereabouts of zinc prices before the long holiday, and most of them wait and see, and their purchasing enthusiasm is not high. The overall market transaction is average.
Stainless Steel: The People’s Bank of China lowered required reserve ratios, and the nickel price stopped falling and rallied with the trend. Only the stainless steel futures still fell. The wait-and-see atmosphere in the spot market was intensive, the scrap trading performance was light, it was difficult for buyers to close the deal at low prices, the goods supplying was slow on the site, and the supply circulation was tight. (Analyzed by LTIT)
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