Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 10
2024-9-10
Copper: The spot copper price in Foshan market stopped falling and rebounded today, and the trading mood in the market improved. Recently, the continuous decline of copper prices has accumulated a large decline. The low-price range attracts merchants to replenish goods on dips. In addition, when they enter the traditional consumption peak season of "Golden September and Silver October", the enthusiasm of merchants to purchase goods is obviously enhanced. At present, the consumption of electrolytic copper is relatively strong compared with that of recycled copper. Under the advantage of infinitely narrowing the price difference between refined copper and waste copper, merchants have increased their purchases of electrolytic copper and accelerated the social inventory of electrolytic copper in China. Due to the continuous shortage of recycled copper, the asking price of the holders is firm, and the trading volume is slightly lower, but the price resilience is very prominent. At present, the optimism of the copper market is obviously warming up, and the traders expects that copper prices are expected to continue to rebound. At present, investors focus on the Fed's policy trends.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. At present, the social inventory of aluminum ingots in China shows a trend of destocking, which reflects the signs of recovery in the spot consumer market. From the market, SHFE aluminum's first-line support of 19,000 yuan is still strong, and the price rebound has attracted many aluminum manufacturers and traders to replenish on dips. The transaction has improved compared with before, and the market is concerned about the material preparation before the Mid-Autumn Festival.
Zinc: The price of zinc remained stable and the market sentiment improved. Recently, the price of zinc has dropped significantly, and traders generally feel reluctant to sell at a low price, entering the golden September and silver October consumption peak season. Although the demand recovery is less than expected, the market still has expectations, and the operating rate of downstream galvanizing enterprises has rebounded. The willingness to replenish stocks with rigid demand on dips is acceptable, which drives the inventory to remain in a state of decontamination and supports the price rally.
Stainless Steel: SHFE nickel and stainless steel futures continue to decline, and the recent weak market remains unchanged. The spot market remains cautious and wait-and-see. Due to lack of confidence and insufficient demand, the scrap traders generally chooses hedging operations, and manufacturers intend to lower the price to reduce the holding cost, but it is difficult to clinch a deal with low-priced sources. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. At present, the social inventory of aluminum ingots in China shows a trend of destocking, which reflects the signs of recovery in the spot consumer market. From the market, SHFE aluminum's first-line support of 19,000 yuan is still strong, and the price rebound has attracted many aluminum manufacturers and traders to replenish on dips. The transaction has improved compared with before, and the market is concerned about the material preparation before the Mid-Autumn Festival.
Zinc: The price of zinc remained stable and the market sentiment improved. Recently, the price of zinc has dropped significantly, and traders generally feel reluctant to sell at a low price, entering the golden September and silver October consumption peak season. Although the demand recovery is less than expected, the market still has expectations, and the operating rate of downstream galvanizing enterprises has rebounded. The willingness to replenish stocks with rigid demand on dips is acceptable, which drives the inventory to remain in a state of decontamination and supports the price rally.
Stainless Steel: SHFE nickel and stainless steel futures continue to decline, and the recent weak market remains unchanged. The spot market remains cautious and wait-and-see. Due to lack of confidence and insufficient demand, the scrap traders generally chooses hedging operations, and manufacturers intend to lower the price to reduce the holding cost, but it is difficult to clinch a deal with low-priced sources. (Analyzed by LTIT)
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