Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 22
2024-7-22
Copper: Today, the spot copper price in Foshan market declined slightly, and trading continued to be cautious. In the past two weeks, the price of copper futures has been losing ground, and the strong rebound of the US dollar and profit-taking by bulls have continuously put pressure on the price of copper. In addition, the successive rise of LME copper social pool has reached the highest level in 33 months, which has also put pressure on the price of copper. LME copper dropped from a record high of $11,104 on May 20th to around $9,300 at present, giving back most of the increase. SHFE copper also rose from above 89,000 yuan to about 76,000 yuan at present, giving back an increase of 70%. Although the purchase cost has obviously decreased after the continuous decline of copper prices, copper manufacturers are still purchasing on demand under the background of weak demand, and the phenomenon of receiving goods at a large price reduction is more common. Goods holders are reluctant to sell and wait and see.
Aluminum: Today, the aluminum price in Foshan market is stable. At present, the aluminum market is in the off-season of consumption, and the aluminum ingots in Guangdong market continue to be heavily subsidized, indicating that the market demand is very weak. However, after the continuous decline in the price of aluminum ingots, orders and purchase operations have been boosted, and the market trading activity has improved. Traders expect the government to introduce more stimulus measures to support the recovery of demand.
Zinc: The central bank cut interest rates again during the year, and SHFE zinc was at a low level in the early stage. Some merchants were interested in entering the market to replenish their stocks. The downstream manufacturers were still cautious in purchasing, and basically maintained on-demand purchasing. The zinc price was weak, and the fear of falling still enveloped the market, and the overall market transactions picked up. In the off-season demand, the operating rate is low, and the terminal orders are weak. It is expected that the zinc price will remain volatile to explore the market.
Stainless Steel: SHFE nickel continued to decline and fell below the 130,000 mark, stainless steel futures rose against the market, the confidence in the spot market was stable, the scrap trading was cautious and wait-and-see, the tight withdrawal of funds restricted the enthusiasm of manufacturers to buy, and the transaction of low-priced goods was not smooth. The nickel market lacks upward momentum, and the cost support center of stainless steel raw materials may move down, and the price will fluctuate slightly. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. At present, the aluminum market is in the off-season of consumption, and the aluminum ingots in Guangdong market continue to be heavily subsidized, indicating that the market demand is very weak. However, after the continuous decline in the price of aluminum ingots, orders and purchase operations have been boosted, and the market trading activity has improved. Traders expect the government to introduce more stimulus measures to support the recovery of demand.
Zinc: The central bank cut interest rates again during the year, and SHFE zinc was at a low level in the early stage. Some merchants were interested in entering the market to replenish their stocks. The downstream manufacturers were still cautious in purchasing, and basically maintained on-demand purchasing. The zinc price was weak, and the fear of falling still enveloped the market, and the overall market transactions picked up. In the off-season demand, the operating rate is low, and the terminal orders are weak. It is expected that the zinc price will remain volatile to explore the market.
Stainless Steel: SHFE nickel continued to decline and fell below the 130,000 mark, stainless steel futures rose against the market, the confidence in the spot market was stable, the scrap trading was cautious and wait-and-see, the tight withdrawal of funds restricted the enthusiasm of manufacturers to buy, and the transaction of low-priced goods was not smooth. The nickel market lacks upward momentum, and the cost support center of stainless steel raw materials may move down, and the price will fluctuate slightly. (Analyzed by LTIT)
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