Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 31
2024-10-31
Copper: Today, the spot copper price in Foshan market continues to be stable, and market transactions continue to be cautious. The weakening of the US dollar index has brought price support, but the overall decline of the US stock market and the unexpectedly strong US non-agricultural and third-quarter GDP data have brought uncertainty to the Fed's future monetary policy path and caused market worries. With multiple negative news, copper prices continued to fluctuate at a high level. The macro-wait-and-see atmosphere is strong, and the results of the US election are unclear. At present, the performance of the two candidates is evenly matched, which adds a lot of uncertainty to the election results. In the face of this, the capital sentiment chooses to treat it coldly, which makes the market trading light and suppresses the trend performance of copper prices. In the short term, copper prices are expected to be dominated by shock consolidation, and in the fourth quarter, attention will be paid to the safety of capital flow.
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and the market transactions are cautious. Recently, the exchange has frequently adjusted its policies, which has cooled the soaring trend of alumina market. The market plunged, which had a negative impact on the price trend of electrolytic aluminum. The current aluminum market is poor in buying gas, and buyers are more cautious and wait and see. Short-term aluminum prices may continue to fluctuate at a high level, and the upward resistance is still relatively large.
Zinc: Today, the price of zinc continues to fluctuate within a narrow range. On the eve of the US election and the Federal Reserve's interest rate decision, the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. The downstream manufacturers mainly stock up before digesting, and the market transactions are dull.
Stainless Steel: SHFE nickel and stainless steel futures continued to decline weakly, and continued to put pressure on the spot market. The phenomenon of steel strip allowing profits to be shipped was limited, and the improvement of the transaction was limited. As a result, confidence in the waste industry has gradually declined, and people have begun to have a pessimistic attitude towards the after-market. Buyers are cautious in their operation, and more goods are received at lower prices. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and the market transactions are cautious. Recently, the exchange has frequently adjusted its policies, which has cooled the soaring trend of alumina market. The market plunged, which had a negative impact on the price trend of electrolytic aluminum. The current aluminum market is poor in buying gas, and buyers are more cautious and wait and see. Short-term aluminum prices may continue to fluctuate at a high level, and the upward resistance is still relatively large.
Zinc: Today, the price of zinc continues to fluctuate within a narrow range. On the eve of the US election and the Federal Reserve's interest rate decision, the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. The downstream manufacturers mainly stock up before digesting, and the market transactions are dull.
Stainless Steel: SHFE nickel and stainless steel futures continued to decline weakly, and continued to put pressure on the spot market. The phenomenon of steel strip allowing profits to be shipped was limited, and the improvement of the transaction was limited. As a result, confidence in the waste industry has gradually declined, and people have begun to have a pessimistic attitude towards the after-market. Buyers are cautious in their operation, and more goods are received at lower prices. (Analyzed by LTIT)
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