Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 12
2024-9-12
Copper: The spot copper price in Foshan market rebounded sharply today, and the market sentiment improved. Entering the "Golden September", domestic copper consumption showed signs of recovery, and the Mid-Autumn Festival approached, the market ushered in a small climax of pre-holiday stocking, pushing up copper prices. Market rumors, Jiangxi, Anhui and other places 783 orders to unify the policies of recycled copper enterprises will be postponed until 2028. It is reported that at present, the enterprise has not received the relevant notification documents, but some enterprises with recycled copper rods have resumed the procurement quotation for recycled copper raw materials. If the news is true, the demand for recycled copper is expected to improve, which is expected to further support the rise of copper prices. In addition, the inventory level has continued to decrease recently, and the operating rate of downstream enterprises has maintained a good trend, and short-term prices may have some rally momentum.
Aluminum: The price of aluminum in Foshan market rebounded sharply today. Boosted by traditional consumption expectations and inventory reduction, aluminum prices showed strong resilience. The overall performance of aluminum ingot spot market is stable. With the approach of Mid-Autumn Festival, there is a positive demand for stock preparation in the market. The fundamentals of supply and demand in the aluminum market are entering a seasonal improvement stage, and the short-term aluminum price may fluctuate and rise.
Zinc: The probability of a 25 basis point interest rate cut in the United States has increased, and the price of zinc has risen sharply. The purchasing enthusiasm of downstream manufacturers is obviously insufficient, and most manufacturers remain cautious and wait-and-see. Most of the transactions are mainly between traders, and the market transactions have not changed much.
Stainless Steel: Before the Mid-Autumn Festival, it was a big hit, and stainless steel finally rose. Stimulated by the news that Russia will restrict the export of strategic raw materials such as titanium and nickel, nickel and stainless steel futures both rose from a low level, the confidence in the spot market was boosted, and the sentiment of price increase broke out instantly. Buyers in the scrap industry chased after receiving goods and grasped the operation of preparing materials before the holiday. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rebounded sharply today. Boosted by traditional consumption expectations and inventory reduction, aluminum prices showed strong resilience. The overall performance of aluminum ingot spot market is stable. With the approach of Mid-Autumn Festival, there is a positive demand for stock preparation in the market. The fundamentals of supply and demand in the aluminum market are entering a seasonal improvement stage, and the short-term aluminum price may fluctuate and rise.
Zinc: The probability of a 25 basis point interest rate cut in the United States has increased, and the price of zinc has risen sharply. The purchasing enthusiasm of downstream manufacturers is obviously insufficient, and most manufacturers remain cautious and wait-and-see. Most of the transactions are mainly between traders, and the market transactions have not changed much.
Stainless Steel: Before the Mid-Autumn Festival, it was a big hit, and stainless steel finally rose. Stimulated by the news that Russia will restrict the export of strategic raw materials such as titanium and nickel, nickel and stainless steel futures both rose from a low level, the confidence in the spot market was boosted, and the sentiment of price increase broke out instantly. Buyers in the scrap industry chased after receiving goods and grasped the operation of preparing materials before the holiday. (Analyzed by LTIT)
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