Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 14
2024-10-14
Copper: Spot copper prices in Foshan market rose slightly across the board today, and market sentiment remained cautious. After the National Day, copper futures continued to fluctuate at a high level, and the traders were still optimistic about the trend of copper prices in the market outlook, because there were still many policy boosts. The Ministry of Finance made a heavy voice. The central government still has a large room for borrowing and will launch a package of incremental policy measures. A number of banks will adjust the stock mortgage interest rate from the 25th, which has a key impact on the real estate market. In September, the sales of new energy vehicles increased by 50.9% year-on-year, boosting the copper market for automobiles, and the optimistic market sentiment supported the trend of excessive copper prices. At present, the price difference between refined copper and scrap has narrowed to promote refined copper consumption, but the spot end has once again fallen into a wait-and-see state due to high prices. Short-term high copper prices still have profit pressure, but it is expected that the general direction will be strong.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is relatively strong after the holiday. The market is increasingly worried about the supply interruption of Guinea, a key bauxite exporter, which is expected to further aggravate the tension in the alumina market. Last Friday night, the main contract of alumina rose sharply by more than 6%, setting an all-time high, which provided a strong impetus for the upward trend of aluminum prices.
Zinc: SHFE zinc failed to break through last week's high level, and the wait-and-see atmosphere dominated the market. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers were worried about the market outlook, and their purchasing enthusiasm was not high. The market trading atmosphere was quiet and the overall transaction was average. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through last week's high.
Stainless Steel: Domestic policies continued to play a role, SHFE nickel and stainless steel futures rose, the spot market steel strip price performance was firm, and the transaction still needs to be improved. In addition, waste manufacturers are busy replenishing goods, generally focusing on recent high-level bargaining transactions, and the circulation of goods remains smooth. In the afternoon, the upward resistance of stainless steel gradually appeared, and the demand was weak. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is relatively strong after the holiday. The market is increasingly worried about the supply interruption of Guinea, a key bauxite exporter, which is expected to further aggravate the tension in the alumina market. Last Friday night, the main contract of alumina rose sharply by more than 6%, setting an all-time high, which provided a strong impetus for the upward trend of aluminum prices.
Zinc: SHFE zinc failed to break through last week's high level, and the wait-and-see atmosphere dominated the market. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers were worried about the market outlook, and their purchasing enthusiasm was not high. The market trading atmosphere was quiet and the overall transaction was average. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through last week's high.
Stainless Steel: Domestic policies continued to play a role, SHFE nickel and stainless steel futures rose, the spot market steel strip price performance was firm, and the transaction still needs to be improved. In addition, waste manufacturers are busy replenishing goods, generally focusing on recent high-level bargaining transactions, and the circulation of goods remains smooth. In the afternoon, the upward resistance of stainless steel gradually appeared, and the demand was weak. (Analyzed by LTIT)
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