Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 24
2024-6-24
Copper: The spot copper price in Foshan market fell sharply today, and the market transactions continued to be cautious. The US PMI strongly pushed up the US dollar, and the superimposed LME copper inventory increased to the highest level in five months, which also significantly suppressed the copper price. LME copper hit a low of US$ 9,625 in intraday trading, which was more than 13% lower than the historical high of US$ 11,104 set on May 20. At present, the differences between long and short positions in the copper market are increasing, and it is about to enter July. Does the copper market still have a chance to usher in a "turning over war"? At present, the consumption of copper market is still in the off-season, the sales of finished products are difficult, manufacturers continue to be cautious in purchasing goods, and the pressure of quarterly settlement funds is obviously tight, so the purchasing power of copper market is obviously insufficient, and the discount of electrolytic copper is further enlarged. Based on the current oversupply situation, it is expected that there will still be downward pressure on copper prices.
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the weak real estate in the off-season of consumption has constantly put pressure on the aluminum market. The traders are concerned about the first-line support of aluminum price of 20,000 yuan. At present, the consumption of aluminum market is in the off-season, coupled with the pressure of tight capital in the quarter, aluminum manufacturers are obviously cautious in purchasing goods, and mainly purchase on demand. Generally, manufacturers will replenish goods in moderation after continuous price decline, and the transaction is weak.
Zinc: Today, the price of zinc in Foshan market has turned down, and the market confidence is insufficient. The cargo holders are active in shipping, and the downstream manufacturers are mainly on the sidelines. Most of them are mainly based on inquiry. The manufacturers respond to the slowdown in orders, and the fear of falling still hangs over the market. Today's market transaction is average. The downward pressure of copper prices has affected zinc prices, and the market demand is not good. It is expected that the overall trend will still be downward.
Stainless Steel: SHFE nickel and stainless steel futures fell, the warm state of the spot market was difficult to maintain, and the steel strip transaction was returned to its original shape. Due to the consideration of cost and profit, steel mills keep the attitude of purchasing waste materials at a low price, and the receiving of goods by manufacturers in the industry has been lowered due to the situation, and the confidence of holding goods at a high price has been weakened, and the transaction price has begun to loosen again. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the weak real estate in the off-season of consumption has constantly put pressure on the aluminum market. The traders are concerned about the first-line support of aluminum price of 20,000 yuan. At present, the consumption of aluminum market is in the off-season, coupled with the pressure of tight capital in the quarter, aluminum manufacturers are obviously cautious in purchasing goods, and mainly purchase on demand. Generally, manufacturers will replenish goods in moderation after continuous price decline, and the transaction is weak.
Zinc: Today, the price of zinc in Foshan market has turned down, and the market confidence is insufficient. The cargo holders are active in shipping, and the downstream manufacturers are mainly on the sidelines. Most of them are mainly based on inquiry. The manufacturers respond to the slowdown in orders, and the fear of falling still hangs over the market. Today's market transaction is average. The downward pressure of copper prices has affected zinc prices, and the market demand is not good. It is expected that the overall trend will still be downward.
Stainless Steel: SHFE nickel and stainless steel futures fell, the warm state of the spot market was difficult to maintain, and the steel strip transaction was returned to its original shape. Due to the consideration of cost and profit, steel mills keep the attitude of purchasing waste materials at a low price, and the receiving of goods by manufacturers in the industry has been lowered due to the situation, and the confidence of holding goods at a high price has been weakened, and the transaction price has begun to loosen again. (Analyzed by LTIT)
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