Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 9
2024-10-9
Copper: The spot copper price in Foshan market continues to fall today. After the National Day, the trend is not satisfactory, and the market caution continues to heat up. On the eve of the release of the minutes of the Fed meeting, the market was cautious and the demand prospect of the metal market was bleak. The lack of new signals in the China briefing disappointed the market, and the bulls took the opportunity to make profits and left, which led to the downward pressure on copper prices. Although it is in the traditional consumption peak season, the terminal spot consumption performance is not good, the real estate market is expected to pick up weakly, and the support for short-term copper prices is limited. This morning, the trading activity in the copper market is obviously insufficient, and downstream enterprises are cautious in entering the market, holding a cautious wait-and-see attitude. On the part of goods holders, although the reluctance to sell still exists, on the whole, both sides are more cautious and the transaction is lacking.
Aluminum: Today, the price of aluminum in Foshan market has fallen in an all-round way, mainly due to the fall of the broader market. After the National Day, the domestic social stock of electrolytic aluminum ingots was 684,000 tons, and the domestic stock of circulating electrolytic aluminum was 558,000 tons, which was only 26,000 tons higher than the pre-holiday stock, and the cumulative stock increase was significantly lower than the pre-holiday expectation. The stock market crash has warmed up the cautious mood in the aluminum market, fearing that the short-term aluminum price will continue to fall.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level. Most traders are cautious, and they are not eager to replenish their stocks. The downstream manufacturers are afraid of falling, and they still mainly purchase in small quantities as needed, and the market transactions are weak. The domestic positive gradually faded, and it is expected that the zinc market will continue to fall.
Stainless Steel: The market optimism weakened, SHFE nickel and stainless steel futures surged back, and the profit-making mentality emerged in the spot market. The steel strip that was pulled up yesterday was shipped at a preferential price today, and the cautious mood in the scrap industry quickly warmed up. The transaction stepped up the pace of shipment and the transaction was stable. Regarding the stainless steel market, traders should pay attention to the persistence of market purchasing and the tension of supply circulation in the after-market. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen in an all-round way, mainly due to the fall of the broader market. After the National Day, the domestic social stock of electrolytic aluminum ingots was 684,000 tons, and the domestic stock of circulating electrolytic aluminum was 558,000 tons, which was only 26,000 tons higher than the pre-holiday stock, and the cumulative stock increase was significantly lower than the pre-holiday expectation. The stock market crash has warmed up the cautious mood in the aluminum market, fearing that the short-term aluminum price will continue to fall.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level. Most traders are cautious, and they are not eager to replenish their stocks. The downstream manufacturers are afraid of falling, and they still mainly purchase in small quantities as needed, and the market transactions are weak. The domestic positive gradually faded, and it is expected that the zinc market will continue to fall.
Stainless Steel: The market optimism weakened, SHFE nickel and stainless steel futures surged back, and the profit-making mentality emerged in the spot market. The steel strip that was pulled up yesterday was shipped at a preferential price today, and the cautious mood in the scrap industry quickly warmed up. The transaction stepped up the pace of shipment and the transaction was stable. Regarding the stainless steel market, traders should pay attention to the persistence of market purchasing and the tension of supply circulation in the after-market. (Analyzed by LTIT)
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