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Metal scraps performances in Foshan market on July 16
2019-7-16

Copper:

Today, the price of recycled copper in Foshan market hasn’t fluctuate much, and the market is cautious and optimistic. LME copper retested the resistance level of 6,000 US dollars. It broke its previous position and rose during the opening, but failed to keep up the increase. The traders believe that the current copper price has a firm bottom and good credit data in June in China supports the current copper price rebound. However, the downstream is facing a low consumption season and decreased demand. The poor copper import data in June has suppressed the copper price rebound, and the short-term copper price may continue to fluctuate repeatedly. Currently, the traders have not recognized the rebound in copper prices, and most of them are still watching carefully. At present, demand in the copper market is still slumped, with limited support for prices. Traders and copper manufacturers are still mainly purchasing on demand.

 

Aluminum:

Today, the price of aluminum in Foshan market rose slightly further, and it is still volatile generally. The decreased demand in the off-season and environmental supervision are still exerting pressure on aluminum prices. Currently, the enthusiasm of aluminum manufacturers in purchasing 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 national aluminum ingot inventory has shown a slight rebound, putting pressure on prices.

 

Zinc:

Today, the zinc price in Foshan market is stable, and the low price fluctuation is relatively significant. Traders are cautious in purchasing, and most of them ask for quotation and goods after receiving the order. Downstream zinc manufacturers expressed concern about the trend of zinc prices in the future market. They mostly watched carefully and were not enthusiastic in purchasing. Currently, the overall trade in zinc market is slack. If the demand does not improve, the price may remain slumped.

 

Stainless Steel:

Today, the price of waste stainless steel in Foshan suspended its rise, but the price of nickel continued to rise. The recent rise in stainless steel prices has bettered the cautious sentiment in the market, with scrap stainless steel manufacturers taking advantage of the situation to make profits. If the short-term nickel price rises further, there is still room for the price of waste stainless steel to increase further. (Source: Lingtong Metal Information)

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