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| Metal scraps performances in Foshan market on July 10 |
| 2024-7-10 |
Copper: The spot copper price in Foshan market dropped slightly today. LME copper retreated to a narrow range below $9,900, while SHFE copper retreated to a narrow range below $80,000. This week's trend was relatively weak, due to the strong counterattack of the US dollar index and the weak demand in the off-season. ½üIn the face of the high price and cost of domestic copper, factories and enterprises generally report that their tolerance is limited, which leads to the sales of finished products being blocked. In addition, the new policies in Jiangxi and other regions lead to the cautious receipt of goods by factories and enterprises, which generally leads to the phenomenon of price reduction, and the scope of production reduction of copper rod processing enterprises with recycled copper may be further expanded. In addition, LME copper stocks have ascended to more than 191,000 tons, the highest level since October 2023. Copper prices may continue to be under pressure in the short term, and it is expected that the price will be dominated by range fluctuations.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the pressure of weak consumption in off-season is still significant. Stimulated by the off-season atmosphere, the current domestic aluminum market has a low enthusiasm for participation, spot trading is very light, and the operating rate of downstream processing enterprises keeps declining. Most manufacturers have started to arrange shutdown and vacation, and reduced raw material procurement, resulting in the gradual accumulation of aluminum ingot inventory and pressure on aluminum prices.
Zinc: Today, the price of zinc in Foshan market continues to decline. Downstream middlemen and traders are worried about the trend of zinc price in the after-market and keep their enthusiasm for shipment. Material manufacturers are less willing to buy, and most of them maintain on-demand procurement. Market transactions basically come from traders, and the overall market transactions are average. Zinc has strong fundamental support, but the market demand is dragging down. It is expected that zinc prices will continue to adjust slightly in the short term.
Stainless Steel: The price of nickel suddenly lowered the release pressure, and the stainless steel turned down. As the futures market fell below the 14,000 yuan mark, the confidence in the spot market began to waver, the steel strip was secretly reduced in price to promote sales, and the scrap transaction moved accordingly. The manufacturers' purchasing and receiving prices generally retreated from the recent high level, and their reluctance to sell goods rose again. It is difficult for the stainless steel market to fluctuate greatly in the short term. (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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