Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 16
2024-10-16
Copper: The spot copper price in Foshan market fell further today, and the market caution continued to heat up. Under the strong pressure of the US dollar index, most non-ferrous metals fell, and the main contract of SHFE copper fell near 300 yuan, and the short-term trend fluctuated weakly. The recent strong rebound of the US dollar index and the sharp fluctuation of international oil prices have further aggravated the instability of market risk appetite, cast a shadow over the prospect of metal demand, and then dragged down the trend of copper prices. After the holiday, the social inventory of domestic refined copper showed a cumulative trend as a whole, and the copper price remained high, which made downstream processing enterprises take a wait-and-see attitude in purchasing and the consumption performance was flat. On the whole, the transaction atmosphere in the spot market is relatively dull, so copper prices are facing continuous downward pressure.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the market transactions were cautious. Overseas macro-empty dragged down the trend of aluminum, and the high dollar kept putting pressure on the metal market. At present, aluminum prices in the two cities are under pressure to fall. Domestic favorable policies and downstream demand performance need to be observed, which makes the market have hidden concerns about the market outlook. At present, the price of aluminum is still at a relatively high level, and aluminum manufacturers are relatively cautious in receiving goods.
Zinc: The trend of zinc market is optimistic, and accordingly it is more active in purchasing goods. The purchasing intention of downstream materials manufacturers has improved, and the market transaction activity has increased. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through last week's high.
Stainless Steel: Macro-benefits continue to digest, nickel market returns to fundamentals, and prices fluctuate and retreat. Stainless steel futures temporarily oscillated around the 14,000 mark, the steel strip in the spot market was quite expensive, the atmosphere of falling prices in the scrap industry subsided, steel mills actively replenished their stocks, manufacturers generally operated according to orders, and it was difficult to trade low-priced goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the market transactions were cautious. Overseas macro-empty dragged down the trend of aluminum, and the high dollar kept putting pressure on the metal market. At present, aluminum prices in the two cities are under pressure to fall. Domestic favorable policies and downstream demand performance need to be observed, which makes the market have hidden concerns about the market outlook. At present, the price of aluminum is still at a relatively high level, and aluminum manufacturers are relatively cautious in receiving goods.
Zinc: The trend of zinc market is optimistic, and accordingly it is more active in purchasing goods. The purchasing intention of downstream materials manufacturers has improved, and the market transaction activity has increased. Infrastructure is growing steadily, household appliances are performing well, and zinc is expected to break through last week's high.
Stainless Steel: Macro-benefits continue to digest, nickel market returns to fundamentals, and prices fluctuate and retreat. Stainless steel futures temporarily oscillated around the 14,000 mark, the steel strip in the spot market was quite expensive, the atmosphere of falling prices in the scrap industry subsided, steel mills actively replenished their stocks, manufacturers generally operated according to orders, and it was difficult to trade low-priced goods. (Analyzed by LTIT)
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