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| Metal scraps performances in Foshan market on June 17 |
| 2024-6-17 |
Copper: Today, the spot copper price in Foshan market continues to fall, and market transactions are more cautious. The weak performance of domestic economic data combined with the pressure of the strong rise of the US dollar index, SHFE copper continued to decline and staged a five-week losing streak. The main contract hit an intraday low of 78,580 yuan, a new low in the past eight weeks, which dealt a certain blow to the trading confidence in the spot market. The traders are generally worried that the adjustment of copper prices has not yet ended, and there may still be room for decline in the short term. Although the purchase cost has dropped significantly after the continuous correction of copper prices, with the deepening of the off-season, the demand for copper market has become more and more prominent, and downstream manufacturers are not willing to stock up in the market, and most of them are cautious and wait-and-see; The holders of recycled copper continue to hold the attitude of refusing to sell at a low price because of the shortage of goods, and the price is relatively resistant to falling.
Aluminum: Today, the price of aluminum in Foshan market further fell. SHFE aluminum fell below the 20,500-yuan mark, hitting an intraday low of 20,370 yuan/ton, which impacted the trading confidence of the current aluminum market. The traders are concerned about whether the 20,000-yuan mark can be kept. In the off-season of traditional consumption, most manufacturers hold a bearish attitude. Under the pressure of weak orders, aluminum manufacturers should maintain on-demand procurement and guard against risks as their primary task.
Zinc: Today, the trend of zinc market in Foshan market continues to be weak, and the downstream manufacturers are obviously timid and wait-and-see. Most of them are mainly based on inquiry, and the manufacturers with rigid demands purchase in a small amount, so the overall market transaction is difficult to increase. The Federal Reserve has drastically cut its interest rate cut expectations, and the market demand is not good. It is expected that the overall trend will remain downward.
Stainless Steel: Nickel prices at home and abroad continued to fall, stainless steel futures fluctuated and the decline continued, and the spot market price sentiment further spread, and steel strip prices were under pressure and the transaction was sluggish. Therefore, in the scrap market transactions, manufacturers' efforts to keep prices down are increasing, and traders have chosen to hedge operations, and the market continues to fall. Where is the support below? (Analyzed by LTIT) |
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2024-11-18
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Item |
SHFE |
Change |
Cu |
130465 |
-9197 |
Al |
233681 |
-35713 |
Zn |
90661 |
+17996 |
Item |
LME |
Change |
Cu |
271525 |
-350 |
Al |
716425 |
-2525 |
Zn |
259500 |
+11050 |
Ni |
159156 |
+4722 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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