Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 21
2023-9-21
Copper: Spot copper prices in Foshan market mostly fell slightly today, and market caution continued to heat up. The Federal Reserve suspended the interest rate hike as scheduled in September, but hinted that it might raise interest rates again during the year. The strength of the US dollar index put pressure on copper prices, LME copper retreated below $8,300, and the main contract of SHFE copper continued to maintain a narrow consolidation below 69,000, waiting for more direction guidance. Although it has entered the traditional consumption peak season of "Golden September" and the country has continuously introduced economic stimulus measures, so far, the demand boost for the copper market is still limited, and copper manufacturers generally report that orders are still weak, so the purchase is still based on demand. At present, the market is turning to whether the demand for material preparation before the Mid-Autumn National Day "Super Golden Week" will be ignited, but the risk of long holidays still needs to be vigilant.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, and the trend was obviously stronger than that of other metals. The expectation of preparing materials for the National Day holiday and the downward trend of prices in the early stage attract funds to go long with aluminum market. At present, more measures to stimulate real estate continue to be introduced in various regions, and the aluminum market transactions have improved recently. At present, the traders are still optimistic about the aluminum price in the market outlook, and it is expected that the pre-holiday preparation will bring support to the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate at a high level. Traders are generally active in shipping. The downstream zinc manufacturers are cautious and mainly purchase according to orders. The market supply and demand sides are deadlocked, and there are not many market transactions. The transactions have not changed much compared with yesterday, and the market transactions are flat.
Stainless Steel: LME nickel fell below the integer mark of 20,000 and hit a new low in the year. Domestic SHFE nickel and stainless steel futures both fell under pressure, which hit the confidence of the spot market. The weak steel strip transaction leads to the tight capital pressure of steel mills, and also inhibits the enthusiasm of scrap market transactions. Because of the weakening demand, manufacturers in the industry turn to cautious operation, and the receipt of goods generally follows the downward adjustment of prices. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded, and the trend was obviously stronger than that of other metals. The expectation of preparing materials for the National Day holiday and the downward trend of prices in the early stage attract funds to go long with aluminum market. At present, more measures to stimulate real estate continue to be introduced in various regions, and the aluminum market transactions have improved recently. At present, the traders are still optimistic about the aluminum price in the market outlook, and it is expected that the pre-holiday preparation will bring support to the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate at a high level. Traders are generally active in shipping. The downstream zinc manufacturers are cautious and mainly purchase according to orders. The market supply and demand sides are deadlocked, and there are not many market transactions. The transactions have not changed much compared with yesterday, and the market transactions are flat.
Stainless Steel: LME nickel fell below the integer mark of 20,000 and hit a new low in the year. Domestic SHFE nickel and stainless steel futures both fell under pressure, which hit the confidence of the spot market. The weak steel strip transaction leads to the tight capital pressure of steel mills, and also inhibits the enthusiasm of scrap market transactions. Because of the weakening demand, manufacturers in the industry turn to cautious operation, and the receipt of goods generally follows the downward adjustment of prices. (Analyzed by LTIT)
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