Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 13
2024-9-13
Copper: The spot copper price in Foshan market continued to rebound sharply today. Before the Mid-Autumn Festival, a small climax of stocking was set off, which accelerated the destocking of electrolytic copper, thus supporting the upward trend of copper prices. Entering the traditional "golden September", domestic copper consumption shows signs of recovery, which still supports short-term copper prices. Recently, it is rumored in the market that the unified policy of Decree No.783 in Jiangxi, Anhui and other places on 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 continue to improve, which is expected to further support the rise in copper prices. Generally, at present, traders are still bullish on the after-market of copper, but it still needs to be alert to the profit pressure in the short term.
Aluminum: Today, the aluminum price in Foshan market continues to rally sharply. The rising prices in the past few days before Mid-Autumn Festival have made the market slightly cautious in trading. Aluminum manufacturers have slowed down their purchasing pace, and the trading activity has weakened compared with earlier ones. From a fundamentals, the current peak demand season has helped to make the consumption performance of the aluminum market acceptable, and the continuous reduction of inventory has provided the bottom support for the aluminum price.
Zinc: Before the holiday, the price of zinc rallied intensively and quickly broke away from the low stage. However, it was cautious for merchants to receive goods after a round of preparation some time ago this week, and they were afraid of high spirits. Most of them made inquiries after receiving orders, and downstream manufacturers mostly waited and saw, with low purchasing enthusiasm and weak market transactions. At present, the market atmosphere is optimistic, and it is expected that the price of zinc will continue to rise after the holiday.
Stainless Steel: After the price of nickel rose sharply, the pace of recovery showed signs of slowing down, the rebound of stainless steel futures was weak, the spot trading atmosphere cooled down, and there was a lack of demand follow-up support, so it was more than enough to continue to rise. Limited by the cost of steel mills, the scrap traders dare not rashly pursue the price and receive the goods, and the circulation of goods is still scarce. At present, the Mid-Autumn Festival stocking is expected to be acceptable, and the support market is rising steadily. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rally sharply. The rising prices in the past few days before Mid-Autumn Festival have made the market slightly cautious in trading. Aluminum manufacturers have slowed down their purchasing pace, and the trading activity has weakened compared with earlier ones. From a fundamentals, the current peak demand season has helped to make the consumption performance of the aluminum market acceptable, and the continuous reduction of inventory has provided the bottom support for the aluminum price.
Zinc: Before the holiday, the price of zinc rallied intensively and quickly broke away from the low stage. However, it was cautious for merchants to receive goods after a round of preparation some time ago this week, and they were afraid of high spirits. Most of them made inquiries after receiving orders, and downstream manufacturers mostly waited and saw, with low purchasing enthusiasm and weak market transactions. At present, the market atmosphere is optimistic, and it is expected that the price of zinc will continue to rise after the holiday.
Stainless Steel: After the price of nickel rose sharply, the pace of recovery showed signs of slowing down, the rebound of stainless steel futures was weak, the spot trading atmosphere cooled down, and there was a lack of demand follow-up support, so it was more than enough to continue to rise. Limited by the cost of steel mills, the scrap traders dare not rashly pursue the price and receive the goods, and the circulation of goods is still scarce. At present, the Mid-Autumn Festival stocking is expected to be acceptable, and the support market is rising steadily. (Analyzed by LTIT)
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