Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 28
2024-10-28
Copper: The spot copper price in Foshan market continues to be stable today. At present, the fundamental performance of domestic copper market is weak, the rate of removing SHFE copper library is obviously slowed down, and the transaction of spot copper market is still average. Copper manufacturers generally report that orders are few, purchases continue to be cautious, and purchases are mostly on demand, and inquiry is not active. However, the holders are inertia in shipping at a very high price, so the market circulation pressure is great, the overall trading atmosphere is quiet, and the pressure on spot electrolytic copper premium continues to decline. At present, imported copper continues to flow into the market in large quantities, which makes the spot supply rise sharply and the market cautious mood spread, which keeps the pressure on the top of copper price and limits the rally space of copper price. At present, the fundamentals of the copper market still lack new driving forces for rising, and copper prices mainly enter shock consolidation in the short term.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rallied , and the market inquiry atmosphere was positive. Downstream enterprises held bullish expectations for the after-market and entered the market one after another for rigid demand replenishment. The price of alumina has repeatedly hit record highs, which has brought cost support to the price of aluminum ingots. Coupled with the domestic stimulus measures to the real estate market and the trade-in policy, the traders expect the demand to continue to improve and support the rise of aluminum prices.
Zinc: The price of zinc has returned to the fundamentals, and the market has a strong fear of falling. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers hesitate about the zinc prices of after-market, and wait and see to purchase on demand. The overall market transactions have not changed much. Recently, the disturbance of mine production reduction still exists, paying attention to the actual consumption situation of policy transmission, and the zinc price is expected to rise in the medium term.
Stainless Steel: The fundamentals of nickel are weak, which reflects the cost support and has limited downside. The rally of stainless steel is weak. Even if the futures rally and rise, the spot steel strip price tries to increase, but the market turnover is still weak, and the end of the month is approaching, which affects the withdrawal of funds. The enthusiasm of steel mills to purchase scrap is greatly reduced. The traders are cautious, wait and see, and maintain a stable price transaction. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rallied , and the market inquiry atmosphere was positive. Downstream enterprises held bullish expectations for the after-market and entered the market one after another for rigid demand replenishment. The price of alumina has repeatedly hit record highs, which has brought cost support to the price of aluminum ingots. Coupled with the domestic stimulus measures to the real estate market and the trade-in policy, the traders expect the demand to continue to improve and support the rise of aluminum prices.
Zinc: The price of zinc has returned to the fundamentals, and the market has a strong fear of falling. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers hesitate about the zinc prices of after-market, and wait and see to purchase on demand. The overall market transactions have not changed much. Recently, the disturbance of mine production reduction still exists, paying attention to the actual consumption situation of policy transmission, and the zinc price is expected to rise in the medium term.
Stainless Steel: The fundamentals of nickel are weak, which reflects the cost support and has limited downside. The rally of stainless steel is weak. Even if the futures rally and rise, the spot steel strip price tries to increase, but the market turnover is still weak, and the end of the month is approaching, which affects the withdrawal of funds. The enthusiasm of steel mills to purchase scrap is greatly reduced. The traders are cautious, wait and see, and maintain a stable price transaction. (Analyzed by LTIT)
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