Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 27
2024-9-27
Copper: The spot copper price in Foshan market has risen strongly today, and the strong increase is rare in the near future. After the Federal Reserve announced a 50-basis-point interest rate cut, China also responded quickly, launching a series of policy packages such as interest rate cuts, RRR cuts, and interest rates on housing loans. The market optimism spread rapidly and boosted the overall price increase of non-ferrous metals. LME copper successfully broke through the $10,000 mark on Thursday, and SHFE copper rose strongly in the morning, reaching a high of 79,200 yuan/ton, driving the spot copper price to rise across the board. Supported by the golden autumn season and destocking, copper prices have risen successively since the beginning of September, and the center of gravity has risen significantly. Near the National Day holiday, there is still a demand for stocks in the downstream, but it coincides with the sharp rise in copper prices. Copper-using enterprises are still mainly purchasing on demand, while cargo holders are making profits by reducing premium shipments.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The economic stimulus policy exceeded expectations, and the property market ushered in a critical moment. Aluminum prices rose strongly and stabilized above 20,000. Driven by the peak consumption season and the replenishment before the National Day, the social inventory of aluminum ingots showed a trend of destocking. The enthusiasm of the downstream market to reserve stocks is good, and the transaction atmosphere in the aluminum market is marginal warming, further enhancing the upward momentum of aluminum prices.
Zinc: The favorable policy continued to exert its strength. The spot zinc price hit a new high in the year, and the cargo holders were active in shipping. The purchasing intention of zinc manufacturers was still not strong. Most of them maintained on-demand procurement, and the material preparation for the holidays was basically completed, and the market transaction activity was low. The favorable supply side and the optimism of the overall financial market have led to the expectation that zinc will still have upward momentum.
Stainless Steel: Domestic combination boxing to boost the economy has been introduced one after another, and metal futures have risen. For the current stainless steel, it is also rising. Although the macro benefits are all over the market, the stainless steel market is still difficult to improve, the improvement of spot turnover is limited, and the waste continues to indulge in a wait-and-see atmosphere. Maintaining stability and waiting may be the best choice. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The economic stimulus policy exceeded expectations, and the property market ushered in a critical moment. Aluminum prices rose strongly and stabilized above 20,000. Driven by the peak consumption season and the replenishment before the National Day, the social inventory of aluminum ingots showed a trend of destocking. The enthusiasm of the downstream market to reserve stocks is good, and the transaction atmosphere in the aluminum market is marginal warming, further enhancing the upward momentum of aluminum prices.
Zinc: The favorable policy continued to exert its strength. The spot zinc price hit a new high in the year, and the cargo holders were active in shipping. The purchasing intention of zinc manufacturers was still not strong. Most of them maintained on-demand procurement, and the material preparation for the holidays was basically completed, and the market transaction activity was low. The favorable supply side and the optimism of the overall financial market have led to the expectation that zinc will still have upward momentum.
Stainless Steel: Domestic combination boxing to boost the economy has been introduced one after another, and metal futures have risen. For the current stainless steel, it is also rising. Although the macro benefits are all over the market, the stainless steel market is still difficult to improve, the improvement of spot turnover is limited, and the waste continues to indulge in a wait-and-see atmosphere. Maintaining stability and waiting may be the best choice. (Analyzed by LTIT)
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