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Metal scraps performances in Foshan market on Sept 20
2019-9-20

Copper:

Today's price of recycled copper in Foshan market is stable, and this week's fluctuation is slight with uncertain direction. The Federal Reserve cut interest rates by 25 basis points, in line with market expectations, and did not bring any surprises to the market. At present, LME copper remains around US$ 5,800, while SHFE copper remains at 47,000 yuan. Judging from the current situation, the news of the US-Canada interest rate cut has been finalized. At present, the market is mainly focusing on the new round of Sino-US trade negotiations and is looking forward to good news. Although the current demand in the copper market is still not satisfactory, due to the influence of customs duties and environmental protection policies, the amount of recycled copper has been continuously reduced and the import cost has increased greatly, which has resulted in the continuous shortage of domestic recycled copper supply and the firm price demanded by the goods holders. However, due to decreased demand, manufacturers are still cautious in purchasing.

 

Aluminum:

The price of aluminum in Foshan market rose slightly today, but the market was more cautious in buying gas. At present, as the National Day holiday draws near and environmental protection management is expected to intensify, this may restrict the demand of the aluminum market. Therefore, even though the price of aluminum fluctuates in recent days, merchants are still cautious in purchasing. However, as the overall stock of the society is still at a low level, the dealers are still optimistic about the price of aluminum and are unwilling to sell at this time.

 

Zinc:

Today, the price of zinc in Foshan market continued to decline slightly, and this week it showed continuous correction. However, some traders believe that the risk has been released after this week's continuous correction of zinc prices. Some traders expect the short-term zinc prices to continue to have limited room for correction and will not rule out a rebound. Therefore, they will make appropriate replenishment when zinc prices are low, but manufacturers are still cautious in purchasing.

 

Stainless steel:

The price of waste stainless steel in Foshan market continues to rise slightly today. The rebound of nickel price brings optimism to the stainless steel market, and the transaction will improve accordingly. At present, the trading atmosphere in the waste stainless steel market is obviously warming up. Manufacturers are actively entering the market to make inquiries and purchase. Buyers raise prices and receive goods to promote transactions. Short-term price increase of stainless steel still depends on the direction of nickel price. (Source: Lingtong Metal Information)

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