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Metal scraps performances in Foshan market on June 18
2021-6-18
Copper: Today, the recycled copper price in Foshan market reappears and the cautious mood in the market warms up again. At present, the fundamentals and news of copper market are empty, and traders are generally worried that the Chinese will take further measures to curb the rise of commodity prices. The Federal Reserve kept the benchmark interest rate unchanged and released War Hawk signals, and expected to raise interest rates twice before the end of 2023. The US dollar continued to strengthen, breaking through the 92-point mark and hitting a two-month high. LME copper plunged under pressure, with the lowest intraday price falling to US$ 9,161, down nearly US$ 1,000 from the high price of US$ 10,120 recorded last Friday. This morning, SHFE copper fell by more than 1,000 yuan under pressure. After the Dragon Boat Festival, SHFE's main copper contract dropped one after another, with a cumulative drop of 4,660 yuan in four days. Traders are worried that there is still room for further decline in short-term copper prices.

Aluminum: Today, the aluminum price in Foshan market continued to fall, and the negative news superimposed on the demand weakened. This week, the aluminum price fell one after another. Recently, due to environmental protection and summer power cuts, the output of aluminum industry has decreased, and the demand for primary aluminum has also weakened. Recently, the inventory of aluminum ingots in Guangdong market has changed from a continuous decline to a slight increase, which may cause some pressure on short-term aluminum prices.

Zinc: Today, the price of zinc in Foshan market plummeted across the board, and the decline was worse than that in copper market. The price of goods holders is firm, the traders are cautious, the goods are actively purchased at every price drop, the demand is still lacking, the purchasing strategy of manufacturers on dips is unchanged, and the market trading atmosphere is good. There are frequent negative news at home and abroad, and the traders expect that the short-term zinc price will continue to be suppressed by the news.

Stainless Steel: Today, the price of stainless steel in Foshan market is resistant to decline. The current round of stainless steel market and the degree of decline are obviously controlled, and large steel mills bear the price and resist falling. In addition, the pressure on the waste market is gradually released, and the supply side of goods is still the support of output. There are few transactions of low-priced goods, and manufacturers are in a stalemate, so there is limited room for price decline. (Analyzed by LTIT)

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