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| Metal scraps performances in Foshan market on September 9 |
| 2024-9-9 |
Copper: The spot copper price in Foshan market has dropped slightly today, and the domestic fundamental driving force is not strong. Although the social stock of SHFE copper has been declining continuously and the decline has expanded, the overall stock level remains high, which has limited support for metal prices. In addition, there are no obvious signs of recovery in the spot consumer market, and the demand growth in the traditional "Golden September" peak season has not yet appeared. Market participants are generally cautious, and their willingness to enter the market is low, and there is a strong wait-and-see mood in the transaction. In the short term, the pressure above the copper price is obvious, and it is expected that the short-term copper price will still be dominated by weak shocks. The price of recycled copper is relatively resistant to falling. Due to the shortage of high-quality sources of recycled copper, the price difference between refined copper and waste continues to narrow. Although the copper price started badly in September, traders still have expectations for the "Golden September" market.
Aluminum: Today, the price of aluminum in Foshan market continues to drop slightly. Although the current domestic social inventory of aluminum ingots shows a trend of destocking, the overall inventory level is still high, which puts pressure on short-term prices. Although it has entered the "Golden September", the actual market demand has not improved significantly, the willingness of downstream bargain hunters to enter the market is low, the overall wait-and-see atmosphere of the market is strong, and the trading activity is low.
Zinc: The price of zinc stabilized after a deep drop last week, but the fear of falling still hung over the market. Downstream middlemen and traders were worried about the trend of zinc market, and a large number of goods were still purchased. The purchasing intention of materials manufacturers was average, and most of them maintained on-demand procurement. The market transactions did not change much compared with Friday. Fundamental support is weakened, and China data is less than expected. It is expected that zinc will continue to explore before the holiday.
Stainless Steel: This week, LME nickel fell below the $16,000 mark, SHFE nickel further fell by nearly 120,000, and the center of gravity of raw material costs showed signs of moving down. The decline of stainless steel futures continued to drop. The atmosphere of falling prices in the spot market is shrouded, the prices of plates and strips are lowered one after another, and the scrap trading is chaotic and panic. Buyers either stop collecting or lower prices, thus opening up the downside of after-market. (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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