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| Metal scraps performances in Foshan market on July 16 |
| 2024-7-15 |
Copper: The spot copper price in Foshan market stopped falling and rallied in an all-round way today, but the trading mood in the market is still cautious. The US dollar index fell to the low point in April, and the expected interest rate cut in September warmed up. The metal market sentiment rebounded significantly, which effectively improved the demand prospect of the metal market. The copper futures in SHFE and LME rebounded actively, LME copper hit a high of 9919 US dollars/ton, and SHFE copper hit a high of 80210 yuan/ton, driving the spot copper price to rise in an all-round way. According to the research results of the organization, due to the influence of reverse invoicing and the State Council Order No.783, the operating rate of recycled copper raw material processing enterprises in Jiangxi Province has dropped significantly, and production reduction/shutdown has also occurred in Hubei, Henan and Anhui, and the recycled copper industry may face a new round of reshuffle. Affected by this, copper trading has improved recently.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and stabilized, and the main contract of SHFE aluminum was temporarily maintained in a narrow range of 20,000 yuan. The recent continuous decline in aluminum prices has stimulated some market transactions, and some traders have actively entered the market to make up their positions. However, overall, the demand for aluminum market is still in the off-season, and the purchase volume of traders is still limited. The traders expect that the short-term aluminum price will still fluctuate around 20 thousand yuan.
Zinc: Today, the price of zinc in Foshan market has entered a volatile trend after last week's adjustment. The market is still dominated by fear of falling, and the participation is generally not high. The delivery is close to the delivery of goods at a high price, and the downstream materials companies replenished with rigid demands, and the market as a whole remains stable. Zinc has strong fundamental support, but the market demand is dragging down, and zinc prices are expected to fluctuate with Horizontal Price Movement in the short term.
Stainless Steel: The start of this week coincides with the delivery date. SHFE nickel and stainless steel futures are rising, and the confidence in the spot market is rekindled. Waiting for the improvement of steel strip transaction, the wait-and-see mentality in the waste industry is strong, and the bargaining between buyers and sellers is deadlocked, so it is difficult to clinch a deal with low-priced goods. At present, the fundamental performance of stainless steel is weak, but the cost support is strong, and it is expected to maintain a range fluctuation. (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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