Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 19
2024-9-19
Copper: The copper price in Foshan market rose slightly today. The US Federal Reserve finally announced a sharp interest rate cut of 50 basis points in September, and the beginning of the interest rate cut cycle is also the beginning of a new cycle in the economic environment. The capital market believes that the beginning of the interest rate reduction cycle will increase the liquidity of subsequent funds, which is beneficial to finance, real estate and many fields, and it is also beneficial to the consumption level of the metal market while promoting the macro-environmental economy. However, the short-term sharp interest rate cut has put pressure on the market's worries about the economic recession in the United States. Copper metal does not rule out short-term profit-making operations after it is digested in advance and rushed to the level of 75,000 in the early stage, but in the long run it is beneficial to its subsequent consumption and price trend.
Aluminum: The price of aluminum in Foshan market rose slightly today. The global interest rate cut has finally landed and dropped by 50 basis points, and domestic aluminum has temporarily stopped at 20000. There is a certain demand for preparing materials for the National Day holiday, and the interest rate cut in the United States is also conducive to the increase of capital liquidity and the promotion of the economic environment. Although aluminum has short-term profit pressure, 20000 is still the mark for follow-up testing.
Zinc: The macro market welcomes good news, nickel and stainless steel futures are in the same direction, the confidence in the spot market is boosted, and the price increase of steel strip is guaranteed. Under the guidance of double benefits, manufacturers in the waste industry actively inquire for goods, and continue to raise the purchase price to stimulate the circulation of goods.
Stainless Steel: The Federal Reserve cut interest rates by 50 basis points and started monetary easing, and the price of zinc fluctuated strongly. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and some of them purchase in small quantities with rigid demands, and the market transactions have not changed much. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. The global interest rate cut has finally landed and dropped by 50 basis points, and domestic aluminum has temporarily stopped at 20000. There is a certain demand for preparing materials for the National Day holiday, and the interest rate cut in the United States is also conducive to the increase of capital liquidity and the promotion of the economic environment. Although aluminum has short-term profit pressure, 20000 is still the mark for follow-up testing.
Zinc: The macro market welcomes good news, nickel and stainless steel futures are in the same direction, the confidence in the spot market is boosted, and the price increase of steel strip is guaranteed. Under the guidance of double benefits, manufacturers in the waste industry actively inquire for goods, and continue to raise the purchase price to stimulate the circulation of goods.
Stainless Steel: The Federal Reserve cut interest rates by 50 basis points and started monetary easing, and the price of zinc fluctuated strongly. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and some of them purchase in small quantities with rigid demands, and the market transactions have not changed much. (Analyzed by LTIT)
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