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Metal scraps performances in Foshan market on July 6

Copper: Today, the price of recycled copper in Foshan market is stable, and the operators are still bullish on the trend of short-term copper price. After the short-term adjustment, LME copper resumed its upward trend, because the market expects countries to introduce further stimulus measures to support the global economy to recover from the impact of the epidemic, and the supply risk of Chile, the number one copper producer, is rising. Last week, copper prices continued to rise, and some scrap copper suppliers kept a gambling mentality and were reluctant to sell goods. When copper prices fell over the weekend, they began to ship to avoid risks, and the overall high copper prices still benefited scrap copper merchants. Today, copper futures rebounded, and goods holders continued to make profits in shipping. However, downstream copper enterprises indicated that orders were not satisfactory, and purchases were still mainly based on demand, thus the trading volume was limited. For the market outlook, the industry is still bullish, with $6,000 as a short-term support level.


Aluminum: Today, the aluminum price in Foshan market rose steadily and moderately. Recently, the aluminum price fluctuated strongly, and the price continued to rise. Some aluminum manufacturers and traders indicated that orders were weak, and most of them mainly digested inventories. Inventory in Guangdong and Henan is slightly accumulated and East China continues to go to the warehouse. According to institutional statistics, domestic social inventory of electrolytic aluminum decreased by 4,000 tons to 715,000 tons compared with last Thursday.


Zinc: Today, the zinc price in Foshan market is stable, and the shippers are willing to ship actively. Downstream manufacturers are worried about the zinc price in the future market, and they are mainly waiting to see, and are not motivated to purchase. They are unwilling to build a large number of zinc ingot stocks, and the market turnover is flat. Driven by the intensive copper and aluminum, the general direction of zinc price is still mainly fluctuating upward.


Stainless Steel: Today, the price of waste stainless steel in Foshan market rose slightly. Nickel price surged, and inquiry popularity in stainless steel market improved obviously. Steel strip price may rebound slightly this week. The bargaining price of waste trade also started to rise at a low level, the enthusiasm of manufacturers for receiving goods increased, the market demand and popularity re-accumulated, and the market is expected to follow the pace of the big market. (Source: Lingtong Metal Information)

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