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| Metal scraps performances in Foshan market on July 11 |
| 2024-7-11 |
Copper: The spot copper price in Foshan market rose slightly today, and the short-term high fluctuation pattern is obvious. The traders expect the short-term copper price rally may be limited. LME copper stocks continue to rise and Powell's cautious wording resonates with pressure, the market risk sentiment is unstable, the prospect of metal demand is bleak, and the rebound of copper prices is blocked. At present, LME copper still maintains a narrow consolidation below $10,000, while SHFE copper maintains a repeated struggle around $80,000. At present, the spot copper market is still in the off-season. In the face of high copper prices and weak demand, copper manufacturers are generally cautious in purchasing, and they are still mainly purchasing on demand. Some merchants are cautious to wait and see or buy at a low price. However, the upside-down import makes the supply of recycled copper tight, the asking price of the goods holders is firm, the two sides are deadlocked and the transaction is weak.
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the pressure of weak consumption in off-season is still significant. Aluminum factories and enterprises basically suck goods at low prices, wait and see at high prices or reduce stocks. At present, the available aluminum supply in the market is relatively abundant, and the spot price remains at a discount. However, the situation of high discount of aluminum in Guangdong has gradually narrowed, because the willingness of the holders to hold the price has increased.
Zinc: Today, the price of zinc in Foshan market has risen in an all-round way, but traders are cautious in purchasing goods, manufacturers' bargain-hunting strategy remains unchanged, and the improvement of market transactions is limited. Production at the mine end continued to stop, and the tense pattern was transmitted to the ingot end. In July, the scale of refinery production reduction and overhaul continued to expand, and the supply-side disturbance constantly boosted the fundamental sentiment and provided the bottom support for zinc prices. In the short term, zinc prices may still have room for rise.
Stainless Steel: Nickel and stainless steel dragged each other down. The former LME nickel fell below the $17,000 mark, and then stainless steel futures fell below $14,000 and continued to explore. This wave of rising came to an end. Spot market prices have been reported low, and the scrap industry has returned to cautious operation, generally following major manufacturers to lower their quotations, and transaction prices have continued to fall. (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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