Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 25
2024-10-25
Copper: The spot copper price in Foshan market is stable today. This week, the trend fluctuated weakly, and the trading center fluctuated downward. The recent correction of copper prices has eased some inventory pressure and added some upward momentum to the trend of copper prices. However, the willingness of downstream bargain-hunting is not strong, the spot market transaction is deadlocked, and the premium is maintained at a low level, which limits the room for further price increase. At present, the stock of electrolytic copper in Guangdong market continues to decline, and it is now maintained at around 36,000 tons. Judging from the recent news and domestic measures, it is generally beneficial to promote copper. However, the strength of the US dollar index and the short-term pressure on copper such as the US election have caused funds to pay attention to other metal varieties with themes. It is expected that the short-term copper trend will be repeated, but $9,500 will still be the support point of attention.
Aluminum: Today, the price of aluminum in Foshan market has fallen in an all-round way, and the cautious mood in the market has warmed up. Under the pressure of capital profit-taking, SHFE aluminum fell sharply after hitting a new high, but it still remains at a high level, and the callback range is still limited. At present, aluminum manufacturers are still mainly purchasing on demand, and the discount rate of aluminum in Guangdong market has narrowed. The traders expect that the short-term aluminum price trend is still strong.
Zinc: Yesterday, it was reported that a mining industry in the north temporarily stopped production in mid-October for some reason, and zinc rose sharply and then fell rapidly. Stimulated by the rising price of zinc, the goods-holders' enthusiasm for shipment has increased, market participants are cautious, downstream manufacturers are hesitant to receive goods because of their low desire to buy on rallies, and the overall market transaction is weak.
Stainless Steel: Rally begins. SHFE nickel and stainless steel futures rose, the spot market price sentiment subsided, the demand for rebound intervened, the price of steel strip rose with the trend, and the scrap industry responded quickly. Some manufacturers actively sought prices to absorb the supply, and the competition atmosphere for price chasing was fierce. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen in an all-round way, and the cautious mood in the market has warmed up. Under the pressure of capital profit-taking, SHFE aluminum fell sharply after hitting a new high, but it still remains at a high level, and the callback range is still limited. At present, aluminum manufacturers are still mainly purchasing on demand, and the discount rate of aluminum in Guangdong market has narrowed. The traders expect that the short-term aluminum price trend is still strong.
Zinc: Yesterday, it was reported that a mining industry in the north temporarily stopped production in mid-October for some reason, and zinc rose sharply and then fell rapidly. Stimulated by the rising price of zinc, the goods-holders' enthusiasm for shipment has increased, market participants are cautious, downstream manufacturers are hesitant to receive goods because of their low desire to buy on rallies, and the overall market transaction is weak.
Stainless Steel: Rally begins. SHFE nickel and stainless steel futures rose, the spot market price sentiment subsided, the demand for rebound intervened, the price of steel strip rose with the trend, and the scrap industry responded quickly. Some manufacturers actively sought prices to absorb the supply, and the competition atmosphere for price chasing was fierce. (Analyzed by LTIT)
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