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| Metal scraps performances in Foshan market on August 16 |
| 2024-8-16 |
Copper: Today, the spot copper price in Foshan market has risen in an all-round way, and the trading atmosphere in the market has improved. The strike of the world's largest copper mine aggravated the concerns of tight supply, and also helped copper prices stabilize and rallied. The active participation of superimposed technical buying has greatly boosted the copper market, and attracted the sentiment of capital entering the market to do more, which has injected strong impetus into the current copper price trend. In addition, SHFE copper stocks are expected to continue to decrease this week, because the recent correction of copper prices has stimulated the demand for purchasing and replenishment of downstream enterprises, which in turn has prompted positive signs on the demand side. At present, the off-season of consumption is about to pass, and with the recent release of copper price risk, it is believed that the short-term copper price is expected to show an intensive fluctuation trend under the impetus of macro-favorable.
Aluminum: Today, the price of aluminum in Foshan market rose further. Although SHFE aluminum is still facing an oversupply situation in the short term, the recent price correction has had a positive stimulating effect on downstream consumption. The receiver actively fills the position in the low-price range, and the overall purchasing intention is good, and the consumer sentiment tends to be stable. As the off-season of consumption comes to an end, short-term aluminum prices may continue to fluctuate intensively.
Zinc: Today, the price of zinc in Foshan market has risen sharply, mainly driven by the strength of SHFE zinc. With the off-season coming to an end, the market's optimism about the expected intensive demand growth in the peak season of "Golden September and Silver October" has brought positive support to the zinc price, and downstream traders have accelerated the process of purchasing on dips. It is expected that the short-term zinc price trend will still be dominated by intensive shocks.
Stainless Steel: The price of nickel continued to fluctuate above the $16,000 mark. Stainless steel futures contracts stopped falling after delivery, the rally sentiment in the spot market warmed up, the willingness to intervene on dips in the scrap industry increased significantly, manufacturers actively inquired for goods, and the purchase price in the transaction could be appropriately raised to stimulate the transaction. It is expected that stainless steel will rally in the short term, and traders should pay attention to the news from steel mills. (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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