Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 19
2023-9-19
Copper: Today, the copper price in Foshan market has fallen in an all-round way, and the market caution continues to heat up. With the approach of the interest rate meeting of the US Federal Reserve, the copper market continues to be in a consolidation and wait-and-see situation. Although it is expected that the probability of continuing to maintain interest rates is relatively high, the strong US dollar index and the continuous increase in LME copper stocks indicate that demand is blocked, and many pressures have suppressed copper prices, while domestic copper product sales have also been dull, and orders from factories and enterprises have not improved significantly under various measures, which has also weakened market purchasing power. However, the traders expect that the follow-up National Day holiday will partially promote the demand, and it is expected that the copper trend will still be slightly resilient in the follow-up oscillation, and 70,000 is still a profit pressure.
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded. After the early aluminum price fell and the delivery was exchanged, the aluminum risk was released to attract more funds. The main aluminum in SHFE period stabilized and rebounded and attracted some traders to increase their purchases. The national aluminum social inventory increased slightly to 528,300 tons due to the previous high level; The fundamentals of the short-term aluminum market are bullish, and the market can be expected before the National Day.
Zinc: The high level of zinc fluctuated strongly, and most market participants were cautious. The monthly difference of futures widened, and the asking price of the holders was firm. The downstream manufacturers had obvious wait-and-see mood, and most of them mainly made inquiries. The manufacturers responded to the reduction of orders, and the fear of high sentiment enveloped the market. Today's market transactions were dull.
Stainless Steel: under the pressure of continuous rising inventory, LME nickel once again fell below the $20,000 mark, the stainless steel futures were weak, the spot market remained dull, and the weak steel strip transaction led to the tight financial pressure of steel mills, which also inhibited the enthusiasm of scrap purchasing. The manufacturers in the industry fell into a wait-and-see atmosphere and the trading market was adjusted according to the situation. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded. After the early aluminum price fell and the delivery was exchanged, the aluminum risk was released to attract more funds. The main aluminum in SHFE period stabilized and rebounded and attracted some traders to increase their purchases. The national aluminum social inventory increased slightly to 528,300 tons due to the previous high level; The fundamentals of the short-term aluminum market are bullish, and the market can be expected before the National Day.
Zinc: The high level of zinc fluctuated strongly, and most market participants were cautious. The monthly difference of futures widened, and the asking price of the holders was firm. The downstream manufacturers had obvious wait-and-see mood, and most of them mainly made inquiries. The manufacturers responded to the reduction of orders, and the fear of high sentiment enveloped the market. Today's market transactions were dull.
Stainless Steel: under the pressure of continuous rising inventory, LME nickel once again fell below the $20,000 mark, the stainless steel futures were weak, the spot market remained dull, and the weak steel strip transaction led to the tight financial pressure of steel mills, which also inhibited the enthusiasm of scrap purchasing. The manufacturers in the industry fell into a wait-and-see atmosphere and the trading market was adjusted according to the situation. (Analyzed by LTIT)
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