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| Metal scraps performances in Foshan market on July 8 |
| 2024-7-8 |
Copper: Today, the spot copper price in Foshan market rose steadily. After entering July, the overall performance of copper price fluctuated strongly. Last week, LME copper hit a high of $10,000, and SHFE copper jumped above $80,000 again, but the trading atmosphere was still cautious. Some air-conditioning manufacturers report that the output of production lines has dropped sharply, and some even plan to stop work and take vacations. In addition, the new orders of processing plants and enterprises are obviously insufficient, which leads some enterprises to consider reducing production and purchasing raw materials, further affecting market demand. After the copper price rises one after another, the holders of recycled copper also have a profit-making shipping mentality. However, the high copper price suppresses the spot demand, and the downstream willingness to pursue high prices is low, which leads to the obstruction of inventory going to the warehouse and the accumulation phenomenon, which weakens the room for copper price to rise.
Aluminum: Today, the aluminum price in Foshan market is stable. 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. At present, the spot aluminum price continues to substantially discount the aluminum in the discount period, which also highlights the weak market demand. However, traders are still optimistic about China's favorable policies, and it is expected that the aluminum price will drop slightly.
Zinc: The trend of SHFE zinc's surge and fall has suppressed the market sentiment. Traders mainly deliver goods, and spot zinc traders are worried about the short-term market trend. In the case of general demand in the near future, and the trend of zinc is still uncertain, traders remain cautious in purchasing goods, with limited trading volume and more market watchers. At present, zinc fundamentals are strongly supported, and it is expected that zinc prices will fluctuate with Horizontal Price Movement.
Stainless Steel: SHFE nickel and stainless steel futures rose, the spot market maintained the atmosphere of price increase, trading sentiment warmed up, steel strip transactions were expected to improve, scrap manufacturers actively inquired for goods, and general buyers continued to raise the receiving price to stimulate the circulation of goods. In July, the production reduction of steel mills will ease the supply pressure, and the production scheduling plan of steel mills should be followed closely in the after-market.. (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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