Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 11
2024-9-11
Copper: The spot copper price in Foshan market is stable today, and the market is waiting for the demand to improve. After the continuous decline in copper prices in the previous period, the risks have been released to some extent. In addition, the spot copper market needs replenishment near the Mid-Autumn Festival holiday, so the trading in the copper market has improved recently, keeping the social inventory of electrolytic copper in a downward trend. On Wednesday, the inventory in Guangdong dropped to 39,511 tons, which supported the short-term copper price. At present, the consumption of electrolytic copper is relatively strong compared with that of recycled copper. Under the advantage of infinitely narrowing the price difference between refined copper and waste copper, merchants have increased their purchases of electrolytic copper, while the demand for recycled copper is firm due to the continuous shortage of supply, and the trading volume is slightly lower. At present, the optimism of the copper market is obviously warming up, and the traders expect that copper prices are expected to continue to rally.
Aluminum: Today, the aluminum price in Foshan market is stable. Domestic SHFE aluminum fundamentals have limited changes, terminal consumption is expected to pick up in peak season, orders of downstream aluminum processing enterprises have slightly increased, and the operating rate has generally rebounded, showing a certain positive signal. With the approach of Mid-Autumn Festival holiday, the preparation of materials before the holiday may support the short-term aluminum price, and the aluminum price is expected to rise slightly.
Zinc: Today, the price of zinc in Foshan market fluctuated and consolidated within a narrow range, with traders shipping at a very high price and poor orders. The downstream manufacturers were not enthusiastic about purchasing, and the wait-and-see mood dominated, basically maintaining on-demand purchasing. Most of the transactions came from the contributions of traders, and the market transactions did not change much from yesterday. The traders are paying close attention to the US inflation data at night, and the overall direction remains weak for the time being.
Stainless Steel: LME nickel broke through two levels and went down all the way in September, followed by SHFE nickel, which once fell below 120,000, and stainless steel futures were pressed down step by step and approached 13,000. At present, the decline has not stopped, and both nickel and stainless steel have dropped to new lows in the year. The spot market has been in a slump, prices have been falling endlessly, the overall transaction has been weak, and the transaction has fallen into a depressed atmosphere. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. Domestic SHFE aluminum fundamentals have limited changes, terminal consumption is expected to pick up in peak season, orders of downstream aluminum processing enterprises have slightly increased, and the operating rate has generally rebounded, showing a certain positive signal. With the approach of Mid-Autumn Festival holiday, the preparation of materials before the holiday may support the short-term aluminum price, and the aluminum price is expected to rise slightly.
Zinc: Today, the price of zinc in Foshan market fluctuated and consolidated within a narrow range, with traders shipping at a very high price and poor orders. The downstream manufacturers were not enthusiastic about purchasing, and the wait-and-see mood dominated, basically maintaining on-demand purchasing. Most of the transactions came from the contributions of traders, and the market transactions did not change much from yesterday. The traders are paying close attention to the US inflation data at night, and the overall direction remains weak for the time being.
Stainless Steel: LME nickel broke through two levels and went down all the way in September, followed by SHFE nickel, which once fell below 120,000, and stainless steel futures were pressed down step by step and approached 13,000. At present, the decline has not stopped, and both nickel and stainless steel have dropped to new lows in the year. The spot market has been in a slump, prices have been falling endlessly, the overall transaction has been weak, and the transaction has fallen into a depressed atmosphere. (Analyzed by LTIT)
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