Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 21
2024-10-21
Copper: The spot copper price in Foshan market has risen sharply today, and the market optimism has warmed up. At present, the market sentiment in the copper market is bullish, and the fall of the US dollar index at a high level supports the rebound of non-ferrous metal prices across the board. LME copper has returned to above $9,700, and the main contract of SHFE copper has risen by more than 1,000 yuan per ton, driving the spot copper price to rise in an all-round way. Last Friday, China introduced new measures to boost the liquidity of the stock market, which greatly increased market confidence. At the same time, it also drove funds to be more emotional and pushed the copper futures market to rally. In addition, the demand for low replenishment in SHFE copper market has increased, which has prompted the copper price to rise steadily. The overall trend of the current market situation is mainly guided by macro news, while the support provided by fundamentals is relatively limited. At present, the spot market focuses on the safety of funds.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. China's policy strongly promoted the stock market counterattack, and the metal market sentiment picked up, and aluminum prices followed the broader market. The continuous rise in alumina prices has also brought strong support to aluminum prices. Since October, alumina has accumulated nearly 15%, with an increase of more than 45% during the year. At present, buyers are bullish and actively inquire for replenishment to support aluminum prices.
Zinc: In China, the 1-year and 5-year LPR was lowered by 25BP in October, and zinc rose sharply.Market participants have a strong fear of heights. Manufacturers enter the market with rigid demand to replenish basic stocks, and merchants purchase cautiously in small quantities. The overall market is in a state of continuous wait and see, with limited turnover. Traders should pay attention to the actual consumption of policy transmission, and the zinc price is expected to pick up in the medium term.
Stainless Steel: The domestic economic policy has been stimulated, the market is dominated by macro-emotions, and the price of nickel has stopped falling and rebounded. With the rise of SHFE nickel and stainless steel futures, the confidence in the spot market has revived, and the trading atmosphere in the scrap industry has changed according to the situation. Manufacturers have increased their purchasing efforts, and the price increase of high-quality goods has promoted the exchange. It is expected that the stainless steel will oscillate in the market. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. China's policy strongly promoted the stock market counterattack, and the metal market sentiment picked up, and aluminum prices followed the broader market. The continuous rise in alumina prices has also brought strong support to aluminum prices. Since October, alumina has accumulated nearly 15%, with an increase of more than 45% during the year. At present, buyers are bullish and actively inquire for replenishment to support aluminum prices.
Zinc: In China, the 1-year and 5-year LPR was lowered by 25BP in October, and zinc rose sharply.Market participants have a strong fear of heights. Manufacturers enter the market with rigid demand to replenish basic stocks, and merchants purchase cautiously in small quantities. The overall market is in a state of continuous wait and see, with limited turnover. Traders should pay attention to the actual consumption of policy transmission, and the zinc price is expected to pick up in the medium term.
Stainless Steel: The domestic economic policy has been stimulated, the market is dominated by macro-emotions, and the price of nickel has stopped falling and rebounded. With the rise of SHFE nickel and stainless steel futures, the confidence in the spot market has revived, and the trading atmosphere in the scrap industry has changed according to the situation. Manufacturers have increased their purchasing efforts, and the price increase of high-quality goods has promoted the exchange. It is expected that the stainless steel will oscillate in the market. (Analyzed by LTIT)
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