Copper:

Today, the price of recycled copper in Foshan market has stopped falling and it went up, and the market sentiment has picked up accordingly. Sino-U.S. trade relations eased. Federal Reserve Chairman's testimony showed that the probability of interest rate cuts increased significantly at the end of July. Affected by this, the U.S. dollar index dropped sharply, non-ferrous metals rebounded sharply, and copper prices tend to get out of the bottom. According to analysis, the current copper price has a firm bottom, but the decreased demand in the off-season puts pressure on it, which does not rule out repeated fluctuations. The tenth batch of import approvals for scrap metal, which has attracted much attention, has been publicized. The total amount of import approvals for copper scrap, aluminum scrap and scrap iron and steel is 436,930 tons nationwide, with 365,430 tons in Guangdong Province, accounting for 83.6%. The import approval volume of copper scrap and scrap nationwide was 124,450 tons, and that of Guangdong Province was 91,690 tons, accounting for 73.7%. The import approval amount of aluminum waste and scrap is 306,930 tons and Guangdong Province 268,860 tons.

Aluminum:

Today, the aluminum price in Foshan market rebounded slightly, with small short-term fluctuations factors such as decreased demand in the off-season and environmental supervision still exert pressure on the aluminum price. Currently, the purchasing enthusiasm of aluminum manufacturers is still not good. With the deepening of the off season, the rate of aluminum ingot inventory reduction has slowed down obviously, aluminum rods have begun to accumulate, and the current aluminum inventory in Guangdong market has increased to 240,000 tons.

Zinc:

Today, the price of zinc in Foshan market has not changed much and its fluctuation is smaller than that of other metals. As the delivery period approached, traders showed positive delivery. However, after a round of replenishment, downstream zinc suppliers turned cautious in purchasing, mostly maintaining on-demand replenishment. Transaction volume was relatively limited as compared with the previous trading day.

Stainless steel:

Today, the price of waste stainless steel in Foshan market further rose, and the nickel price continued to rebound, bringing impetus to the stainless steel market, thus improving the market trading atmosphere. Today, the enthusiasm of steel mills to enter the market for purchases has obviously improved. Recycling traders and others are willing to chase after higher prices for purchases, and goods holders are taking advantage of the situation to make profits. (Source: Lingtong Metal Information)