Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 29
2024-10-29
Copper: The spot copper price in Foshan market fell slightly today, and the short-term trend fluctuated weakly, so the market was cautious. With the approach of the US election, the macro market is cautious, the US refers to the strong rise of US debt, and the copper price is under pressure. A number of important economic data will be released this week, and market investors generally choose to wait and see, expecting to get more clues about the prospects of the Fed's interest rate policy. In addition, the uncertainty of overseas geopolitical situation continues to have a negative impact on the commodity market, making safe-haven commodities the first choice in the market. October is drawing to a close, and there is no sign of improvement in copper market demand. Copper manufacturers are still mainly purchasing on demand. 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 dropped slightly, and the market transactions became cautious. Recently, the continuous rebound of aluminum prices has curbed the willingness of downstream purchasing, and the operating rate of downstream processing enterprises has declined slightly. Aluminum manufacturers are still mainly purchasing on demand, and poor demand has put pressure on the rise of aluminum prices. At present, traders are worried that the short-term alumina price has the risk of profit callback, which may bring pressure to the short-term aluminum price.
Zinc: Today, the price of zinc in Foshan market keeps fluctuating in a range. Traders are cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and some of them purchase in small quantities with rigid demand, and market transactions have not changed much.
Stainless Steel: LME nickel continued to decline and fell below the $16,000 mark. SHFE nickel was under pressure, and the stainless steel market withstood external pressure. The cost of raw material nickel and iron was supported, and the price of plate and strip continued to be quite high. The waste trading atmosphere was a little confused, and the price difference between high and low receipts in the industry widened, so traders generally waited. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the market transactions became cautious. Recently, the continuous rebound of aluminum prices has curbed the willingness of downstream purchasing, and the operating rate of downstream processing enterprises has declined slightly. Aluminum manufacturers are still mainly purchasing on demand, and poor demand has put pressure on the rise of aluminum prices. At present, traders are worried that the short-term alumina price has the risk of profit callback, which may bring pressure to the short-term aluminum price.
Zinc: Today, the price of zinc in Foshan market keeps fluctuating in a range. Traders are cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and some of them purchase in small quantities with rigid demand, and market transactions have not changed much.
Stainless Steel: LME nickel continued to decline and fell below the $16,000 mark. SHFE nickel was under pressure, and the stainless steel market withstood external pressure. The cost of raw material nickel and iron was supported, and the price of plate and strip continued to be quite high. The waste trading atmosphere was a little confused, and the price difference between high and low receipts in the industry widened, so traders generally waited. (Analyzed by LTIT)
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