Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 10
2024-10-10
Copper: Today, the spot copper price in Foshan market continued to decline steadily, and the market sentiment continued to be cautious. China stock market cooled down optimistically, the bullish sentiment dissipated, the market re-evaluated the boosting effect of China's economic stimulus plan on metal demand, and the uncertain demand prospect led to an increase in selling pressure, and copper prices fluctuated overnight. Limited changes in fundamentals, holiday inventory accumulation, weak spot trading aggravate the pressure of outbound, and the wait-and-see mood of the receiver warms up, and the willingness to replenish the warehouse weakens. In addition, the high copper price inhibits the enthusiasm of replenishing stocks, the effect of favorable real estate policies remains to be tested, the Fed's interest rate cut is expected to cool down, and market sentiment turns cautious. Under the multi-factor resonance, short-selling sentiment dominates the market, and short-term copper prices may still have room for further decline, but the decline is expected to be limited.
Aluminum: Today, the price of aluminum in Foshan market has stopped falling and stabilized, and the price is relatively resistant to falling, but the market sentiment is still cautious. Most aluminum manufacturers wait and see or purchase on demand. After the holiday, the price of aluminum fell, and the holders made up a small amount of positions. They were not pessimistic about the short-term aluminum market trend, and the discount on aluminum trading in Guangdong market narrowed. At present, the market has high expectations for favorable policies, and the short-term aluminum price may fluctuate strongly.
Zinc: SHFE zinc bottomed out at night, the market cautious mood eased, the supply of goods remained stable, the demand for zinc terminals was lacking, the willingness to purchase was weak, and the market transactions were dull. Traders should pay attention to the direction of domestic financial market and the release of US inflation data tonight. Zinc is still bullish in the medium term.
Stainless Steel: The nickel price continuously adjusted back, the rising trend of stainless steel temporarily stopped, the market fundamentals showed weak pressure, the price of steel strip generally fell, the scrap industry was cautious, manufacturers operated according to the single price, and the traffic flow of goods was obviously improved. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has stopped falling and stabilized, and the price is relatively resistant to falling, but the market sentiment is still cautious. Most aluminum manufacturers wait and see or purchase on demand. After the holiday, the price of aluminum fell, and the holders made up a small amount of positions. They were not pessimistic about the short-term aluminum market trend, and the discount on aluminum trading in Guangdong market narrowed. At present, the market has high expectations for favorable policies, and the short-term aluminum price may fluctuate strongly.
Zinc: SHFE zinc bottomed out at night, the market cautious mood eased, the supply of goods remained stable, the demand for zinc terminals was lacking, the willingness to purchase was weak, and the market transactions were dull. Traders should pay attention to the direction of domestic financial market and the release of US inflation data tonight. Zinc is still bullish in the medium term.
Stainless Steel: The nickel price continuously adjusted back, the rising trend of stainless steel temporarily stopped, the market fundamentals showed weak pressure, the price of steel strip generally fell, the scrap industry was cautious, manufacturers operated according to the single price, and the traffic flow of goods was obviously improved. ( Analyzed by LTIT)
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