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| Metal scraps performances in Foshan market on July 4 |
| 2024-7-4 |
Copper: Today, the spot copper price in Foshan market ushered in a sharp rise driven by the positive rebound of copper futures, but the market sentiment is still cautious, because the market demand has not improved significantly, copper manufacturers are still mainly purchasing on demand. However, for the copper after-market, the traders are still optimistic, and it is expected that the copper price will turn over in July. At present, there is no shortage of bullish support in the copper market. First, the US data has pushed the US dollar to weaken and boosted the expectation of interest rate cuts. The US dollar index has fallen for five consecutive trading days; The strong demand for copper in China also encouraged the market sentiment. In addition, LME copper has dropped by 11% since the record high of $11,104.50 hit on May 20th, and the risk has been released to some extent, which will support the copper price.
Aluminum: Today, the price of aluminum in Foshan market rose steadily. The price of aluminum rebounded with the broader market, traders began to be cautious in buying, and the market of cargo holders was active, and the discount price of aluminum ingots remained at the interval level. Judging from the recent situation, the upward pressure in the aluminum fluctuation range is around 20500, while the downward pressure close to the 20000 mark attracts buying. It is expected that the short-term price will still fluctuate.
Zinc: Today, the price of zinc in Foshan market continues to rise, and the short-term trend fluctuates strongly. Some downstream manufacturers enter the market with rigid demands, and traders are accompanying the market to sell and make up, and market transactions are slightly improved. At present, the profit margin of zinc ingot smelter is gradually compressed under the rising cost, and the production reduction area is expected to be further expanded. Long-term funds enter the market to cover positions, and the price of zinc is supported by the strong sentiment of the holders.
Stainless Steel: The dollar weakened, metals generally rose, and LME nickel rose sharply to repair yesterday's lost ground. The rebound of nickel price stimulated the breakthrough of stainless steel futures, and the price increase atmosphere in the spot market was active, and the steel strip transaction followed suit. At the same time, scrap trading also ushered in the good news that large steel mills raised the purchase price of molten steel, and manufacturers in the industry received goods one after another. (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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