Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 19
2023-9-20
Copper: Today, the copper price in Foshan market is stable, and the market caution continues to heat up. With the approach of the US Federal Reserve's interest rate decision time, the copper market continues to be in a wait-and-see situation. The short-term strong US dollar index and the increase of LME copper inventory are also constantly putting pressure on the copper market. At present, the US dollar index is still above 105 points, while LME copper inventory has increased from 68,350 tons in early August to 149,600 tons on September 19, which has increased by about 120% in just over a month. At present, the domestic copper products sales response is dull, and the orders of factories and enterprises have not improved significantly under various measures, which also weakens the purchasing power of the market. However, the traders expect that the subsequent National Day holiday will partially promote the demand, and it is expected that the copper will still be slightly resilient in the subsequent oscillation.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly. This week, many regions across the country continued to introduce measures to benefit real estate transactions, but the overall environment was still suppressed by confidence, and the response to aluminum consumption was not reached. In SHFE period, aluminum continues to be in the form of interval oscillation and wait-and-see, and the market is still low-sucking and high-selling. Near the National Day holiday, the downward trend of aluminum prices is conducive to warehouse preparation, and aluminum prices may stabilize.
Zinc: The price of zinc has dropped, and there is a strong cautious atmosphere in the market. At present, traders are not in a hurry to purchase goods. Most of them ask about the price increase and a small amount of replenishment operations. Zinc manufacturers are worried about the recent instability of zinc prices and maintain on-demand procurement. The overall transaction is dull. In the early morning of Thursday, the Federal Reserve announced the interest rate resolution and the post-meeting monetary policy press conference, and the short-term zinc price should be watched.
Stainless Steel: LME nickel hit a low and rebounded, and continued to fluctuate around the $20,000 mark in the short term. Domestic SHFE nickel and stainless steel futures both rose, but the spot market still lacked confidence, the trading and circulation of scrap industry slowed down obviously, the demand for stocking of steel mills did not increase, procurement was not active, recycling bases generally took a wait-and-see attitude, and the market was slack. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly. This week, many regions across the country continued to introduce measures to benefit real estate transactions, but the overall environment was still suppressed by confidence, and the response to aluminum consumption was not reached. In SHFE period, aluminum continues to be in the form of interval oscillation and wait-and-see, and the market is still low-sucking and high-selling. Near the National Day holiday, the downward trend of aluminum prices is conducive to warehouse preparation, and aluminum prices may stabilize.
Zinc: The price of zinc has dropped, and there is a strong cautious atmosphere in the market. At present, traders are not in a hurry to purchase goods. Most of them ask about the price increase and a small amount of replenishment operations. Zinc manufacturers are worried about the recent instability of zinc prices and maintain on-demand procurement. The overall transaction is dull. In the early morning of Thursday, the Federal Reserve announced the interest rate resolution and the post-meeting monetary policy press conference, and the short-term zinc price should be watched.
Stainless Steel: LME nickel hit a low and rebounded, and continued to fluctuate around the $20,000 mark in the short term. Domestic SHFE nickel and stainless steel futures both rose, but the spot market still lacked confidence, the trading and circulation of scrap industry slowed down obviously, the demand for stocking of steel mills did not increase, procurement was not active, recycling bases generally took a wait-and-see attitude, and the market was slack. (Analyzed by LTIT)
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