Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 17
2024-10-17
Copper: The spot copper price in Foshan market is stable today, and the market anxiety has eased. On the macro level, various monetary and fiscal policies in China are being implemented steadily. Today, five departments will jointly hold a press conference to inform about the promotion of the stable and healthy development of the real estate market. The market pays close attention to this conference and expects to release more favorable signals, because real estate is a big consumer of copper. In addition, the expectation of interest rate cuts by global central banks still strongly supports market sentiment, and the current macro environment has not fallen into a dark moment, and the upward trend of SHFE copper is still stable. However, the risk of geopolitical situation still exists, and after the holiday, social stocks accumulated briefly, spot trading was poor, and the willingness of downstream to wait and see and enter the market was relatively low.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the trend of aluminum price was relatively resistant this week. At present, the fundamentals of SHFE aluminum are stable, and the social inventory of aluminum ingots has gone out of stock after the holiday, reflecting the expected improvement in peak season consumption. Although the spot price is at a high level, which has a certain inhibitory effect on some replenishment intentions, the policy is expected to be bullish, which supports the trading confidence in the aluminum market.
Zinc: The price of zinc continues to fluctuate in a high range, and the fear of falling is revived. Downstream middlemen and traders are worried about the trend of zinc market. Traders maintain their enthusiasm for shipping, and the purchasing intention of materials manufacturers is weak. Most of them maintain on-demand procurement, and market transactions turn slack.
Stainless Steel: The peripheral nickel keeps falling, the domestic pressure SHFE nickel and stainless steel futures both decline, the steel strip in the spot market is biased towards preferential shipping strategy, the circulation rhythm of waste sources is accelerated, manufacturers actively deliver orders, and the general receiving price continues to be firm. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the trend of aluminum price was relatively resistant this week. At present, the fundamentals of SHFE aluminum are stable, and the social inventory of aluminum ingots has gone out of stock after the holiday, reflecting the expected improvement in peak season consumption. Although the spot price is at a high level, which has a certain inhibitory effect on some replenishment intentions, the policy is expected to be bullish, which supports the trading confidence in the aluminum market.
Zinc: The price of zinc continues to fluctuate in a high range, and the fear of falling is revived. Downstream middlemen and traders are worried about the trend of zinc market. Traders maintain their enthusiasm for shipping, and the purchasing intention of materials manufacturers is weak. Most of them maintain on-demand procurement, and market transactions turn slack.
Stainless Steel: The peripheral nickel keeps falling, the domestic pressure SHFE nickel and stainless steel futures both decline, the steel strip in the spot market is biased towards preferential shipping strategy, the circulation rhythm of waste sources is accelerated, manufacturers actively deliver orders, and the general receiving price continues to be firm. (Analyzed by LTIT)
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