Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on October 18
2024-10-18
Copper: The spot copper price in Foshan market fell slightly today, and the overall trading of the market was cautious. China real estate policy briefing failed to introduce new stimulus measures, which disappointed some investors, and led to the decline of A-share and Hong Kong stock markets, and the market sentiment turned pessimistic. In addition, due to the uncertainty of the US presidential election and the Middle East war, the price of gold rose strongly and hit a record high, attracting many funds to withdraw from the industrial metal market and move to the gold market. At present, the improvement of spot market demand is limited, the premium continues to be weak, the downstream market is depressed, and the inquiry is very few. In order to withdraw funds, the goods holders start to dump goods, which leads to a situation in which the market is receiving more and less, and the short-term copper price may continue to fluctuate under pressure.
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, and the trend fluctuated weakly this week. Although aluminum prices follow the correction of the broader market, the fundamentals and news are still bullish. At present, the fundamentals of SHFE aluminum are stable, and the social inventory of aluminum ingots has gone out of stock after the holiday. The soaring price of alumina has increased the production cost of aluminum, which is good for aluminum prices. A series of stimulus measures have been introduced in China to enhance market confidence.
Zinc: The price of zinc continues to fluctuate in a high range, and the fear of falling is revived. Downstream middlemen and traders are worried about the trend of zinc market. Traders maintain their enthusiasm for shipping, and the purchasing intention of materials manufacturers is weak. Most of them maintain on-demand procurement, and market transactions are weak. Recently, suppressed by the news, zinc is weak, and the price of zinc is expected to rise in the medium term, paying attention to the actual consumption situation of policy transmission.
Stainless Steel: SHFE nickel fell by more than 4,000 yuan, stainless steel was under full pressure, the spot price dropped synchronously, the trading atmosphere in the market further weakened, and the scrap industry kept pushing down the price with the trend, but the purchase price of molten steel remained stable, and the market price showed confidence. At present, the stimulus policy has not been transmitted to the real demand of nickel, so it is difficult to support the operation of high nickel price. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, and the trend fluctuated weakly this week. Although aluminum prices follow the correction of the broader market, the fundamentals and news are still bullish. At present, the fundamentals of SHFE aluminum are stable, and the social inventory of aluminum ingots has gone out of stock after the holiday. The soaring price of alumina has increased the production cost of aluminum, which is good for aluminum prices. A series of stimulus measures have been introduced in China to enhance market confidence.
Zinc: The price of zinc continues to fluctuate in a high range, and the fear of falling is revived. Downstream middlemen and traders are worried about the trend of zinc market. Traders maintain their enthusiasm for shipping, and the purchasing intention of materials manufacturers is weak. Most of them maintain on-demand procurement, and market transactions are weak. Recently, suppressed by the news, zinc is weak, and the price of zinc is expected to rise in the medium term, paying attention to the actual consumption situation of policy transmission.
Stainless Steel: SHFE nickel fell by more than 4,000 yuan, stainless steel was under full pressure, the spot price dropped synchronously, the trading atmosphere in the market further weakened, and the scrap industry kept pushing down the price with the trend, but the purchase price of molten steel remained stable, and the market price showed confidence. At present, the stimulus policy has not been transmitted to the real demand of nickel, so it is difficult to support the operation of high nickel price. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
