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| Metal scraps performances in Foshan market on November 11 |
| 2024-11-11 |
Copper: Today, the spot copper price in Foshan market has dropped slightly, and the market trading enthusiasm has cooled down. The global financial market digested major risk events and the decision of the Federal Reserve to cut interest rates, and the US dollar index rose strongly, which brought pressure to the metal market. LME copper returned below $9,500, and the main contract of SHFE copper returned to around 76,500 yuan under pressure, and the spot copper price followed suit. Although the weekly social inventory fell by nearly 9% last Friday, which limited the decline of copper prices, the current spot market is not enthusiastic about trading, and the enthusiasm for replenishing with rigid demand is low, and the rebound space of premium is limited, which makes it difficult to support copper prices. At present, traders are concerned about the follow-up direction of the US Federal Reserve's interest rate meeting in November and the introduction of China's economic stimulus measures in the fourth quarter.
Aluminum: The price of aluminum in Foshan market fell today. The sharp rise in the dollar and the rise in bond yields have intensified the selling pressure in the market. Due to the strong rebound in the SHFE aluminum market in the past few weeks, investors have accumulated a large callback risk. At the same time, China's fiscal policy boost is limited, the market has cooled down, and people continue to worry about the prospect of metal demand. The short-term rise of aluminum prices is restricted or fluctuated.
Zinc: The fluctuation pattern of zinc price continues, and most downstream manufacturers are cautious in purchasing goods, mainly on demand. In the case of weak market transactions, it also drags down traders' enthusiasm for receiving goods to a certain extent, and market transactions are slack. Traders should pay attention to the actual consumption of policy transmission, and the zinc price is expected to rise strongly in the medium term.
Stainless Steel: The rally of nickel price was blocked, stainless steel futures went down again, the transaction performance in the spot market was weak, the waste industry was cautious and wait-and-see, manufacturers mainly purchased on demand, and the receiving price was fine-tuned due to the situation. The traders are concerned about the domestic macroeconomic stimulus and its implementation in the after-market, and it is expected that stainless steel will continue to fluctuate. (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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