Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 15
2024-10-15
Copper: The spot copper price in Foshan market fell across the board today, and the cautious mood in the market warmed up. Under the strong pressure of the US dollar index, non-ferrous metals floated green across the board, and the main contract of SHFE copper fell in 300 yuan, and the short-term trend fluctuated weakly. The recent strong rebound of the US dollar index and the sharp fluctuation of international oil prices have further aggravated the instability of market risk appetite, cast a shadow over the prospect of metal demand, and then dragged down the trend of copper prices. Although China's fiscal policy briefing released some positive signals, the market was disappointed by the lack of details of China's economic stimulus plan, which led to the increase of market uncertainty and pressure on copper prices. At present, the copper price is still on the high side, which inhibits the enthusiasm of downstream purchasing, and weak demand will still restrict the trend of copper price.
Aluminum: Today, the price of aluminum in Foshan market is stable, which is relatively resistant to falling compared with other metals. The market's worries about the supply interruption in Guinea have deepened. The main alumina contract has soared in recent days, reaching a high of 4,856 yuan/ton, which has repeatedly refreshed the highest price since listing, which has supported the aluminum prices of future aluminum and current aluminum, and the enthusiasm of aluminum manufacturers for purchasing has increased. The discount on current aluminum in Guangdong has narrowed.
Zinc: Zinc fluctuates widely at a high level, and the market is cautious. At present, traders are not in a hurry to purchase goods. Most of them ask about the price increase and a small amount of replenishment operations. The downstream zinc manufacturers are also worried about the recent instability of zinc prices, maintaining on-demand procurement, and the overall transaction is slack.
Stainless Steel: The fundamentals of nickel are inelastic, the supply is loose, and the price of nickel has returned to the callback momentum. Domestic SHFE nickel and stainless steel futures both fell, testing the support of the 14,000 mark, the scrap market turned cautious, the manufacturer's purchase price gradually withdrew from the recent high, and the transaction was deadlocked. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is stable, which is relatively resistant to falling compared with other metals. The market's worries about the supply interruption in Guinea have deepened. The main alumina contract has soared in recent days, reaching a high of 4,856 yuan/ton, which has repeatedly refreshed the highest price since listing, which has supported the aluminum prices of future aluminum and current aluminum, and the enthusiasm of aluminum manufacturers for purchasing has increased. The discount on current aluminum in Guangdong has narrowed.
Zinc: Zinc fluctuates widely at a high level, and the market is cautious. At present, traders are not in a hurry to purchase goods. Most of them ask about the price increase and a small amount of replenishment operations. The downstream zinc manufacturers are also worried about the recent instability of zinc prices, maintaining on-demand procurement, and the overall transaction is slack.
Stainless Steel: The fundamentals of nickel are inelastic, the supply is loose, and the price of nickel has returned to the callback momentum. Domestic SHFE nickel and stainless steel futures both fell, testing the support of the 14,000 mark, the scrap market turned cautious, the manufacturer's purchase price gradually withdrew from the recent high, and the transaction was deadlocked. (Analyzed by LTIT)
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