Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 11
2024-10-11
Copper: Today, the spot copper price in Foshan market rose steadily, and the market sentiment continued to be cautious. In the first trading week after the National Day, copper futures remained at a high level and fluctuated weakly, and the focus of trading moved down significantly compared with that before the holiday, but the market bullish sentiment has not dissipated. At present, the market focuses on the press conference to be held by the Ministry of Finance of China on Saturday, and the industry expects to get more clues about the stimulus policy, especially the substantial support measures for the real estate market and further investment in new energy infrastructure. These factors may lead to the reduction of copper stocks, which is beneficial to the upward trend of copper prices. On the whole, with the improvement of macro-sentiment, the increased confidence in the soft landing of the US economy and the overweight of China's fiscal stimulus policy, the traders continue to be bullish on short-term copper prices.
Aluminum: Today, the price of aluminum in Foshan market has risen in an all-round way, and the post-holiday trend is relatively optimistic. China's fiscal stimulus plan has triggered a warming of market optimism. In addition, improved demand and rising costs in peak season are further supporting the trend of aluminum prices, and the industry expects that aluminum prices will remain strong in the short term. Thanks to the improvement of consumption, the national social inventory of aluminum ingots has dropped to 676,100 tons.
Zinc: After a short-term adjustment, the price of zinc continued to rise, and traders followed the market. The downstream manufacturers were not enthusiastic about purchasing, and the wait-and-see mood was still strong. They basically maintained on-demand purchasing, and most of the transactions came from the contributions of traders, and the overall market transactions were average. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through the high level at the beginning of this week.
Stainless Steel: Stainless steel futures opened higher and went lower, temporarily holding the 14,000 mark. As the rising trend slowed down, the spot market performance gradually returned to rationality, the steel strip transaction needed to be improved, and the scrap trading was generally stable. However, some manufacturers secretly pursued high prices to attract goods. The current policy is favorable, and it is expected that the stainless steel market will fluctuate in the future. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen in an all-round way, and the post-holiday trend is relatively optimistic. China's fiscal stimulus plan has triggered a warming of market optimism. In addition, improved demand and rising costs in peak season are further supporting the trend of aluminum prices, and the industry expects that aluminum prices will remain strong in the short term. Thanks to the improvement of consumption, the national social inventory of aluminum ingots has dropped to 676,100 tons.
Zinc: After a short-term adjustment, the price of zinc continued to rise, and traders followed the market. The downstream manufacturers were not enthusiastic about purchasing, and the wait-and-see mood was still strong. They basically maintained on-demand purchasing, and most of the transactions came from the contributions of traders, and the overall market transactions were average. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through the high level at the beginning of this week.
Stainless Steel: Stainless steel futures opened higher and went lower, temporarily holding the 14,000 mark. As the rising trend slowed down, the spot market performance gradually returned to rationality, the steel strip transaction needed to be improved, and the scrap trading was generally stable. However, some manufacturers secretly pursued high prices to attract goods. The current policy is favorable, and it is expected that the stainless steel market will fluctuate in the future. ( Analyzed by LTIT)
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