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| Metal scraps performances in Foshan market on July 2 |
| 2024-7-2 |
Copper: The spot copper price in Foshan market rose slightly today, and the price remained weak and fluctuated. Overall, the rebound was still insufficient. Although the copper price has released some risks after the recent correction, the domestic refined copper output remains high at present, and the weak terminal consumption leads to the increase of social inventory, which also restricts the rising space of copper price to some extent. Therefore, in the short term, copper prices may continue to fluctuate. At present, the spot electrolytic copper inventory in Guangdong market continues to increase to 79,625 tons, and it is in a discounted state, indicating that the market demand is still under pressure in the off-season, and copper manufacturers are cautious in purchasing, and most of them purchase on demand when orders are few. However, the traders are cautiously optimistic about the trend of copper prices in the after-market.
Aluminum: The price of aluminum in Foshan market rose slightly today. July is the off-season of traditional consumption, the terminal production is reduced, and the operating rate of aluminum processing plants is declining, which will put some pressure on aluminum prices. At the same time, the supply side is increasing steadily, the import volume is decreasing, and the explicit inventory is not smooth, so the aluminum market is facing the risk of inventory accumulation. Consumption in the aluminum market is weak, while supply pressure is increasing, which may limit the rally space of aluminum prices.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate sideways, and traders follow the market. The downstream manufacturers are not enthusiastic about purchasing, and the wait-and-see mood is still relatively strong. They basically maintain on-demand purchasing, and most of the transactions come from the contributions of traders. The overall market transaction has not changed much from yesterday.
Stainless Steel: SHFE nickel and stainless steel futures continued to rebound in small steps, escorting the improvement of spot market transactions. After the price increase of steel strips, the profit margin of steel mills' procurement of waste materials was repaired, and the manufacturers in the industry mainly traded at stable prices, and the circulation of goods needed to be improved. (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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