Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 4
2024-11-4
Copper: The spot copper price in Foshan market rose slightly today, and the market was cautious. This week is a veritable financial super week, the US presidential election will end, important decisions of the Federal Reserve's interest rate meeting will be released soon, and China's October CPI and PPI data will be released. Analysts predict that the potential impact of the US election on the demand for safe-haven assets and the trend of tariffs will further rebound the US dollar. At that time, the prices of commodities such as gold may set off huge waves, and copper prices will also usher in a huge earthquake. At present, the global market is keeping a close eye on American developments, funds are cautiously entering the market, and LME copper continues to fluctuate in a high range. At present, the differences in the operation of spot copper market have increased. Some copper manufacturers take this opportunity to go long with copper, while some businesses are cautious and wait-and-see.
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and the market transactions are cautious. Under the double pressure of the Federal Reserve resolution and the general election, the macro-market mentality tends to be cautious, and the rebound space of aluminum prices in a short time is limited. At present, it is obvious that aluminum producers have sold in advance to lock in high prices, which has put some pressure on aluminum prices. However, the strong shock of alumina still has cost support for aluminum prices.
Zinc: SHFE zinc has increased in recent months, the asking price of traders is firm, the downstream manufacturers are afraid of heights and wait-and-see mood is obvious, and manufacturers with rigid demand also buy in small quantities, so the overall market transaction is average. Recently, SHFE zinc is in a pattern of near strength and far weakness, and weak demand restricts the upward trend. Traders should pay attention to the news at home and abroad this week, and the spot zinc price in the medium term is still expected to hit a high in October.
Stainless Steel: The dollar declined, LME nickel ended the 14-day losing streak, and the $16,000 mark became the key support level. The rally of nickel price can restore the confidence of stainless steel market, the price of steel strip is firm, the low-cost supply of waste is not smooth, and some manufacturers in the industry actively raise the receiving price with the trend. The fluctuation space of stainless steel is narrow, so it is difficult for the short-term price to fluctuate greatly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and the market transactions are cautious. Under the double pressure of the Federal Reserve resolution and the general election, the macro-market mentality tends to be cautious, and the rebound space of aluminum prices in a short time is limited. At present, it is obvious that aluminum producers have sold in advance to lock in high prices, which has put some pressure on aluminum prices. However, the strong shock of alumina still has cost support for aluminum prices.
Zinc: SHFE zinc has increased in recent months, the asking price of traders is firm, the downstream manufacturers are afraid of heights and wait-and-see mood is obvious, and manufacturers with rigid demand also buy in small quantities, so the overall market transaction is average. Recently, SHFE zinc is in a pattern of near strength and far weakness, and weak demand restricts the upward trend. Traders should pay attention to the news at home and abroad this week, and the spot zinc price in the medium term is still expected to hit a high in October.
Stainless Steel: The dollar declined, LME nickel ended the 14-day losing streak, and the $16,000 mark became the key support level. The rally of nickel price can restore the confidence of stainless steel market, the price of steel strip is firm, the low-cost supply of waste is not smooth, and some manufacturers in the industry actively raise the receiving price with the trend. The fluctuation space of stainless steel is narrow, so it is difficult for the short-term price to fluctuate greatly. (Analyzed by LTIT)
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