Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 24
2024-10-24
Copper: The spot copper price in Foshan market fell slightly today, and the short-term trend fluctuated weakly. The US presidential election is just around the corner, market uncertainties are increasing, bullish sentiment continues to decline, and market participants participate in trading cautiously to avoid risks, resulting in the continuous outflow of funds in the copper market. Recently, SHFE copper has fluctuated within a narrow range due to market lightening, weak spot demand and accumulated inventory pressure. In the short term, the game between long and short sides is fierce, and bad signals are frequent, which makes the market risk appetite fluctuate. The US dollar index has climbed to a nearly three-month high, putting pressure on commodities. At present, the demand in the copper market is weak, the off-season is expected to come ahead of schedule, and the downward pressure on copper prices is gradually emerging. It is expected that the short-term copper price may have a slight downward pressure, and it will remain in a discounted state.
Aluminum: Today, the price of aluminum in Foshan market has risen in an all-round way, mainly driven by the rise of aluminum in the future. Today, SHFE aluminum continues to be strong, and the main contract once rose to 21,170 yuan, a four-month high, bringing optimism to the current aluminum market. The recent rise in aluminum prices is mainly supported by the soaring price of alumina. Since the beginning of this year, the main contract of alumina has risen by nearly 50%, and the market has been speculating on the cost effect.
Zinc: Today, the zinc price in Foshan market continues to fluctuate at a high level, and the wait-and-see atmosphere dominates the market. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are worried about the market outlook, and their purchasing enthusiasm is not high. The market trading atmosphere is quiet and the overall transaction is average.
Stainless Steel: LME nickel's nine-day decline approached the $16,000 mark, SHFE nickel and stainless steel futures continued to decline, the spot market confidence was damaged, and the demand shrank significantly. Steel mills are limited by cost, purchasing is not active, the cautious atmosphere in the waste industry spreads, and recyclers keep the attitude of keeping prices down. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen in an all-round way, mainly driven by the rise of aluminum in the future. Today, SHFE aluminum continues to be strong, and the main contract once rose to 21,170 yuan, a four-month high, bringing optimism to the current aluminum market. The recent rise in aluminum prices is mainly supported by the soaring price of alumina. Since the beginning of this year, the main contract of alumina has risen by nearly 50%, and the market has been speculating on the cost effect.
Zinc: Today, the zinc price in Foshan market continues to fluctuate at a high level, and the wait-and-see atmosphere dominates the market. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are worried about the market outlook, and their purchasing enthusiasm is not high. The market trading atmosphere is quiet and the overall transaction is average.
Stainless Steel: LME nickel's nine-day decline approached the $16,000 mark, SHFE nickel and stainless steel futures continued to decline, the spot market confidence was damaged, and the demand shrank significantly. Steel mills are limited by cost, purchasing is not active, the cautious atmosphere in the waste industry spreads, and recyclers keep the attitude of keeping prices down. ( Analyzed by LTIT)
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