Metal Scrap Performance in China
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Metal scraps performances in Foshan market on August 30
2024-8-30
Copper: The spot copper price in Foshan market is stable today, and this week's trend is still dominated by high shocks. Although the prospect of the US interest rate cut in September supported the market sentiment, LME copper stocks rose to a five-year high, and the downward pressure was still strong. The superimposed China demand worries continued to plague the copper market, which led to the intensified fluctuation of copper prices, showing a trend of repeated shocks. What's more, BHP Billiton, the world's leading mining giant, lowered its forecast for copper demand growth in China to 1%-2% this year, which seriously hit the market's confidence in copper consumption prospects. In addition, as the end of the month approaches, investors generally choose to take profits, and capital outflows further put pressure on copper prices. In the short term, the road of rising copper prices still faces some resistance, but it does not hinder the bullish "Golden September".
Aluminum: Today, the price of aluminum rebounded slightly in Foshan market. Due to the completion of the settlement at the end of the month and the pressure of risk and profit, aluminum factories and enterprises are generally cautious, while the cargo holders are willing to strengthen their shipments, and they generally ship at a large discount, which forms resistance to the rise of aluminum prices. At present, the market is more concerned about the safety of funds and the order entered in September. In the short term, 20,000 yuan is still the test threshold.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate strongly. Shipments of cargo holders slow down, and downstream manufacturers maintain a more cautious attitude. Some manufacturers with rigid demand are more active in purchasing, and spot transactions are slightly higher than yesterday. The zinc mine end continues to be tight, the Golden September and Silver October are expected to increase, and the zinc short-term continues to see more ideas.
Stainless Steel: At the end of the month, the spot market was affected by inertia factors, and the transaction remained dull. The steel strip was shipped at a stable price, and the transaction was still mainly based on demand. Scrap manufacturers pursued the goods without pursuing the price, and the market price was stable. The stainless steel market has a peak season expectation for the "Golden September" in the after-market. It is expected that the downward space of prices is limited, and the upward space will expand with the increase of demand. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum rebounded slightly in Foshan market. Due to the completion of the settlement at the end of the month and the pressure of risk and profit, aluminum factories and enterprises are generally cautious, while the cargo holders are willing to strengthen their shipments, and they generally ship at a large discount, which forms resistance to the rise of aluminum prices. At present, the market is more concerned about the safety of funds and the order entered in September. In the short term, 20,000 yuan is still the test threshold.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate strongly. Shipments of cargo holders slow down, and downstream manufacturers maintain a more cautious attitude. Some manufacturers with rigid demand are more active in purchasing, and spot transactions are slightly higher than yesterday. The zinc mine end continues to be tight, the Golden September and Silver October are expected to increase, and the zinc short-term continues to see more ideas.
Stainless Steel: At the end of the month, the spot market was affected by inertia factors, and the transaction remained dull. The steel strip was shipped at a stable price, and the transaction was still mainly based on demand. Scrap manufacturers pursued the goods without pursuing the price, and the market price was stable. The stainless steel market has a peak season expectation for the "Golden September" in the after-market. It is expected that the downward space of prices is limited, and the upward space will expand with the increase of demand. (Analyzed by LTIT)
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