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Metal scraps performances in Foshan market on October 30
2024-10-30
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. With the approaching of the US election and a wave of heavy economic data, the commodity market is cautious, coupled with the high stabilization of the US dollar index, which makes the prospect of metal demand unclear. LME copper remains in a narrow range around $9,500, which has limited guidance for spot copper prices. Although there are still many favorable factors in the current policy, the spot demand remains weak, and the downstream consumption has little improvement. In addition, the silver October has come to an end, and it is expected that the downstream consumption recovery space is limited. Some cargo holders are pessimistic about the premium in the after-market, which also limits the rebound space of copper prices. In the short term, copper prices will continue to fluctuate. In the fourth quarter, the safety of capital withdrawal is still the focus of the market.
Aluminum: Today, the price of aluminum in Foshan market is stable, and the market transactions are cautious. Capital profit, alumina futures high callback, SHFE aluminum trend is relatively resistant, the decline is relatively limited. At present, the fundamentals of SHFE aluminum are stable and the cost line is strong, and the alumina price is still running at a high level, which supports the aluminum price to some extent. However, if the alumina price is further adjusted back, the aluminum price will also fall.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate at a high level. Middlemen and traders are still worried about the future trend of zinc market, and their purchasing intentions are poor. The purchasing intentions of materials manufacturers are still not strong, and most of them maintain on-demand procurement, and the overall market transactions are dull. Traders should pay attention to the actual consumption of policy transmission, and the zinc price is expected to rise strongly in the medium term.
Stainless Steel: The price of peripheral nickel is declining, followed by the domestic nickel price. The cumulative decline of SHFE nickel has exceeded 10,000 yuan, but the stainless steel market is still under great pressure, and the spot price is firm. However, the actual market turnover was light, and the withdrawal of funds was affected. At the same time, it also limited the enthusiasm of steel mills to purchase waste materials, and the trade in the industry was in a state of confusion, and it was in a dilemma. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is stable, and the market transactions are cautious. Capital profit, alumina futures high callback, SHFE aluminum trend is relatively resistant, the decline is relatively limited. At present, the fundamentals of SHFE aluminum are stable and the cost line is strong, and the alumina price is still running at a high level, which supports the aluminum price to some extent. However, if the alumina price is further adjusted back, the aluminum price will also fall.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate at a high level. Middlemen and traders are still worried about the future trend of zinc market, and their purchasing intentions are poor. The purchasing intentions of materials manufacturers are still not strong, and most of them maintain on-demand procurement, and the overall market transactions are dull. Traders should pay attention to the actual consumption of policy transmission, and the zinc price is expected to rise strongly in the medium term.
Stainless Steel: The price of peripheral nickel is declining, followed by the domestic nickel price. The cumulative decline of SHFE nickel has exceeded 10,000 yuan, but the stainless steel market is still under great pressure, and the spot price is firm. However, the actual market turnover was light, and the withdrawal of funds was affected. At the same time, it also limited the enthusiasm of steel mills to purchase waste materials, and the trade in the industry was in a state of confusion, and it was in a dilemma. (Analyzed by LTIT)
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