Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 25
2024-9-25
Copper: The spot copper price in Foshan market rose sharply today, and the market trading sentiment was cautious. The central bank's policy spree boosted market confidence, and the basic metal market welcomed the golden autumn rise. LME copper rose to 9,913 US dollars, SHFE copper main contract rose to 78,130 yuan, and spot copper prices followed suit. At present, it is in the third quarter settlement period and the National Day holiday preparation cycle. The surge before the holiday makes the buyer's market tend to be cautious. Most copper manufacturers make inquiries or buy on demand to guard against risks, while the holders continue to be bullish and make profits by shipping on the market. At present, the premium of electrolytic copper has increased slightly, while the inventory has continued to fall. The supply of recycled copper is still affected by the import problem, and the asking price of the holders is still firm. Industry expects that short-term copper prices still have room to rise.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply, so trading is cautious. The favorable policies further activated the real estate market and injected a strong impetus into the rise of aluminum prices. At the same time, the fundamentals of the aluminum market are gradually improving. In addition, with the National Day holiday approaching, there is a certain demand for stocks in the spot market, which will accelerate the process of destocking and further stimulate the rise of aluminum prices.
Zinc: The central bank has issued a number of favorable policies to stimulate the price of zinc to rise sharply. However, at present, market participants have a strong fear of heights. Manufacturers enter the market with rigid demand to replenish basic stocks, and merchants wish to purchase in small quantities. The overall market is in a state of continuous wait and see, with limited trading volume. Driven by the favorable supply side and optimistic overall financial market sentiment, it is expected that zinc prices will have the opportunity to hit the high level at the end of May.
Stainless Steel: Nickel and stainless steel futures rallied sharply, but the trading atmosphere in the spot market was still slack, the steel strip transaction was weak, the scrap manufacturers lacked the enthusiasm for operation, the buyers were not willing to accept the goods with the increase, and the holders were reluctant to sell them at low prices. In the short term, it may be driven by domestic policies, but beware of the basic drag of prices, and the market may remain volatile. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply, so trading is cautious. The favorable policies further activated the real estate market and injected a strong impetus into the rise of aluminum prices. At the same time, the fundamentals of the aluminum market are gradually improving. In addition, with the National Day holiday approaching, there is a certain demand for stocks in the spot market, which will accelerate the process of destocking and further stimulate the rise of aluminum prices.
Zinc: The central bank has issued a number of favorable policies to stimulate the price of zinc to rise sharply. However, at present, market participants have a strong fear of heights. Manufacturers enter the market with rigid demand to replenish basic stocks, and merchants wish to purchase in small quantities. The overall market is in a state of continuous wait and see, with limited trading volume. Driven by the favorable supply side and optimistic overall financial market sentiment, it is expected that zinc prices will have the opportunity to hit the high level at the end of May.
Stainless Steel: Nickel and stainless steel futures rallied sharply, but the trading atmosphere in the spot market was still slack, the steel strip transaction was weak, the scrap manufacturers lacked the enthusiasm for operation, the buyers were not willing to accept the goods with the increase, and the holders were reluctant to sell them at low prices. In the short term, it may be driven by domestic policies, but beware of the basic drag of prices, and the market may remain volatile. ( Analyzed by LTIT)
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