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| Metal scraps performances in Foshan market on June 28 |
| 2024-6-28 |
Copper: The spot copper price in Foshan market rose slightly today. In the short term, the price rebound is still weak, due to the decline in off-season demand and upward pressure on copper stocks. The copper stocks registered by the three major metal exchanges in the world have exceeded 500,000 tons for the first time since August 2021, among which the copper stocks of LME have soared by 72% since mid-May, reaching 177,750 tons, the highest level in more than six months. This data shows that the spot supply in the market is still loose, which poses a great downward pressure on copper prices. At the same time, China's worries about metal demand persist, and industrial profits are lower than market expectations, which further aggravates the worries about weak demand in spot copper, China. In the short term, negative factors dominate, and it is expected that the trend of copper prices will continue to show weak shocks.
Aluminum: The price of aluminum in Foshan market rose slightly today. At present, the aluminum price is at a low stage, which stimulates the downstream to replenish the stock actively, but the wait-and-see mood is still dominant, and the upstream and downstream transactions are more concentrated on the execution of long-term orders. Some enterprises choose to buy at low prices, and market transactions are still cautious. In the off-season of consumption, the weak real estate is constantly putting pressure on the aluminum market and paying attention to the bottom support.
Zinc: Today, the price of zinc in Foshan market continues to be strong, the cargo holders are willing to ship actively, and the downstream manufacturers wait and see. Most of them are mainly based on inquiry, while manufacturers with rigid demand only buy in small quantities, and the overall market transaction is average. The sphalerite is in short supply, LME zinc stocks are declining, zinc fundamentals are strongly supported, domestic market demand is still weak, and short-term prices may still rise.
Stainless Steel: LME nickel downside has been narrowed for the time being, and a short rebound opportunity is not ruled out. Stainless steel futures continued to rebound, adding confidence to spot market transactions at the end of the month, and continuing to pay attention to the transaction status of steel belts. The scrap industry maintains the atmosphere of buyers' price reduction, but the transaction of low-priced goods is very limited, and the tight circulation of goods has become the main force of current price support. ( 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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