Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 23
2024-9-23
Copper: The spot copper price in Foshan market fell slightly today, and the market sentiment was cautious before the National Day. The strength of the US dollar and the pressure of profit-making selling spread, which had a negative impact on the trend of copper prices. LME copper stopped rising for seven consecutive days every other week, but it still remained at a high level. SHFE copper was relatively weak and the price dropped slightly. After the recent continuous fluctuation of copper prices, the demand for downstream replenishment has been suppressed, and the market uncertainty in the upcoming National Day holiday has intensified, making the price trend unpredictable. A series of negative factors are gradually accumulating, including the current demand performance is not strong, the rapid rise in prices may further weaken the generation of new orders, and the willingness of market participants to chase after high prices is generally insufficient. Traders should focus on the pre-holiday preparation in the short term.
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, and SHFE aluminum fell below the 20,000 mark again, which plunged the trading confidence of spot aluminum market. Buyers are more cautious and wait and see. Once again, the accumulation of aluminum ingots has weakened the price support. At the same time, the price of aluminum has climbed to a relatively high level, which has significantly inhibited the generation of new orders downstream and adversely affected the consumption of electrolytic aluminum. In the short term, the price of aluminum may continue to fall back.
Zinc: Today, the price of zinc in Foshan market is at a high level. Downstream middlemen and traders are worried about the future trend of zinc market, and there are not many purchases. Traders maintain their enthusiasm for shipping, and zinc manufacturers are not strong in purchasing. Most of them maintain on-demand procurement, and market transactions are weak. The favorable supply side and the optimism of the overall financial market drive the zinc to continue to rise.
Stainless Steel: Stainless steel futures fell sharply. In the face of sudden impact, the spot price broke through the whole series, and the market was suddenly shrouded in a falling price atmosphere, and demand retreated to a wait-and-see state. Also, large steel enterprises cut the purchase price of molten steel, and the scrap market suffered double pressure, and the manufacturers in the industry generally followed the trend and depressed the price. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, and SHFE aluminum fell below the 20,000 mark again, which plunged the trading confidence of spot aluminum market. Buyers are more cautious and wait and see. Once again, the accumulation of aluminum ingots has weakened the price support. At the same time, the price of aluminum has climbed to a relatively high level, which has significantly inhibited the generation of new orders downstream and adversely affected the consumption of electrolytic aluminum. In the short term, the price of aluminum may continue to fall back.
Zinc: Today, the price of zinc in Foshan market is at a high level. Downstream middlemen and traders are worried about the future trend of zinc market, and there are not many purchases. Traders maintain their enthusiasm for shipping, and zinc manufacturers are not strong in purchasing. Most of them maintain on-demand procurement, and market transactions are weak. The favorable supply side and the optimism of the overall financial market drive the zinc to continue to rise.
Stainless Steel: Stainless steel futures fell sharply. In the face of sudden impact, the spot price broke through the whole series, and the market was suddenly shrouded in a falling price atmosphere, and demand retreated to a wait-and-see state. Also, large steel enterprises cut the purchase price of molten steel, and the scrap market suffered double pressure, and the manufacturers in the industry generally followed the trend and depressed the price. (Analyzed by LTIT)
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