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| Metal scraps performances in Foshan market on July 12 |
| 2024-7-12 |
Copper: The spot copper price in Foshan market fell across the board today. This week, the trend of copper price fluctuated weakly, and market transactions continued to be cautious. This week, LME copper staged a five-day losing streak. Up to now, the weekly decline was 2.2%, while SHFE copper fell back below 79,000 yuan. The surge of LME copper inventory and weak demand in China put pressure on the global copper metal market, and the short-term copper price may continue to fluctuate weakly. 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. The upside-down import has tightened the supply of recycled copper, and the asking price of the holders is firm. Some copper manufacturers have turned to purchase electrolytic copper, and the current copper inventory has declined.
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and the price of aluminum has returned to the low price range, attracting many aluminum manufacturers to enter the market for inquiry and purchase, and the transaction has improved. However, at present, the pressure of weak consumption in the off-season is still significant, and SHFE aluminum has fallen below the 20,000 yuan mark, which has suppressed the current aluminum price. However, the traders are still bullish on the short-term aluminum price trend, and it is expected to rally.
Zinc: Today, there is insufficient motivation for zinc price increase in Foshan market, most of the manufacturers are cautious, the goods holders are willing to ship, and the downstream manufacturers are obviously afraid of heights and wait-and-see. Most of them are mainly based on inquiry. In addition, the response of manufacturers to orders has not been greatly improved, and there are few market transactions. 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 decline of nickel and stainless steel futures showed signs of slowing down, the confidence in the spot market was restored, the bargaining space of steel strip was narrowed, and the scrap industry returned to the atmosphere of stable price trading. Due to the lack of low-priced goods circulation, the supporting prices stopped falling and stabilized. At present, the overall demand performance is still weak, the contradiction between supply and demand is prominent, and stainless steel keeps oscillating. (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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