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| Metal scraps performances in Foshan market on July 5 |
| 2024-7-5 |
Copper: The spot copper price in Foshan market is stable today, and China's policy continues to be favorable, but the downstream is cautious and has no intention to chase after the high price, and the strategy of making up less as needed limits the rebound space of copper price. However, on the whole, the trend of copper prices is still quite optimistic this week, with prices rebounding one after another. LME copper has re-approached the $10,000 mark, while SHFE copper has successfully broken through the $80,000 mark. However, after several days of rising, the resistance at the top is obvious, and the price has reappeared. In the short term, copper prices may continue to fluctuate in the high range and repeatedly test the resistance level. Due to the shortage of recycled copper supply and the strong reluctance of sellers to sell it, the price difference between refined copper and scrap in Guangdong market has narrowed infinitely, and some varieties even have the situation that raw materials are more expensive than finished products, which has accelerated the consumption of electrolytic copper and led to a decline in the social inventory of electrolytic copper.
Aluminum: Today, the aluminum price in Foshan market has resumed its decline. At present, the aluminum market coincides with the off-season, the demand for downstream aluminum products will become weaker, the operating rate of processing enterprises will decline steadily, and the market consumption power is obviously insufficient. Coupled with the wait-and-see spot consumption and the lack of receiving goods, the social inventory will be blocked, but the aluminum ingot library will continue to accumulate, and the short-term price will continue to be under pressure.
Zinc: Today, the price of zinc in Foshan market is suspended. In July, the smelter's expected reduction in production continued to support the sentiment of long-term funds, but the production enthusiasm of downstream galvanizing enterprises was limited, and traders still mainly purchased on demand. However, due to the toughness of rigid demand procurement, the inventory of zinc ingots was lower, and the holders continued to maintain a high price sentiment, and the zinc price may remain strong in the short term.
Stainless Steel: SHFE nickel fell, and stainless steel continued its upward trend. With the recovery of spot market price, the confidence of replenishment demand has improved, the turnover of steel strip has gradually picked up, the profit margin of steel mills has been released, and the enthusiasm for purchasing waste has also increased. The manufacturers in the industry have pursued the goods and the transaction price has continued to explore. Limited improvement in demand, nickel price may fluctuate. (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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