Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 26
2024-9-26
Copper: The spot copper price in Foshan market fell across the board today, and the market caution has warmed up. The rise of the US dollar and the profit of funds have put pressure on short-term copper prices. As the National Day holiday approaches, copper manufacturers are still mainly purchasing on demand, while goods holders are more profitable. At present, the consumption of spot electrolytic copper has improved, but the high copper price still limits the enthusiasm of merchants to prepare materials before the holiday. In addition, the high copper price correction also heats up the market's fear of high, which limits the market trading activity. In the short-term, the macro-sentiment is loose, and under the influence of cautious optimism, it is expected that the short-term spot copper price will face downward pressure.
Aluminum: Today, the price of aluminum in Foshan market fell under pressure, and the trading performance was cautious. China's policy dividend support weakened, bulls' enthusiasm cooled down and high fear of falling inhibited trading, and at the same time faced with the pressure of capital withdrawal, which aggravated the pressure on aluminum prices and prompted the aluminum prices to adjust. "The golden autumn is not prosperous", and the spot aluminum price may continue to face downward pressure in the short term.
Zinc: Today, the price of zinc in Foshan market is under pressure, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights, mostly wait and see, with low purchasing enthusiasm and dull market transactions.
Stainless Steel: The price of nickel is stable, but the trading atmosphere in the spot market is still cold, the steel strip transaction is weak, the scrap manufacturers are also lacking in operational enthusiasm, the buyers are not willing to receive goods with the increase, and the holders are reluctant to sell 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 fell under pressure, and the trading performance was cautious. China's policy dividend support weakened, bulls' enthusiasm cooled down and high fear of falling inhibited trading, and at the same time faced with the pressure of capital withdrawal, which aggravated the pressure on aluminum prices and prompted the aluminum prices to adjust. "The golden autumn is not prosperous", and the spot aluminum price may continue to face downward pressure in the short term.
Zinc: Today, the price of zinc in Foshan market is under pressure, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights, mostly wait and see, with low purchasing enthusiasm and dull market transactions.
Stainless Steel: The price of nickel is stable, but the trading atmosphere in the spot market is still cold, the steel strip transaction is weak, the scrap manufacturers are also lacking in operational enthusiasm, the buyers are not willing to receive goods with the increase, and the holders are reluctant to sell 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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