Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 25
2024-7-25
Copper: Today, the spot copper price in Foshan market fell further, and the decline was obviously enlarged, and the market caution rose sharply. SHFE copper continued its decline this morning, setting the longest decline cycle in history. SHFE copper's main contract hit a low of 72,830 yuan/ton, which was 16,110 yuan, or 18% lower than the historical high of 88,940 yuan set on May 20th. The continuous decline of SHFE copper further reflects the market's concerns about the global economic slowdown, oversupply and weak demand. Also, the spot market tends to concentrate on consumption at low prices, and downstream enterprises remain cautious, so market consumption may not flourish in the short term. At present, copper manufacturers are still mainly maintaining on-demand procurement, and some merchants have greatly reduced their prices, but the holders are reluctant to sell and the transaction is deadlocked.
Aluminum: Today, the aluminum price in Foshan market continues to fall, and the short-term trend fluctuates weakly. Traders are concerned about whether the main contract of SHFE aluminum can hold the 19,000 yuan mark. After the recent continuous shock and decline, the purchase cost of aluminum market has obviously moved down, attracting many aluminum manufacturers to enter the market to make inquiries. Most merchants purchase on demand or add appropriate positions, and the consumption is improving. The discount rate of aluminum in Guangdong has narrowed.
Zinc: Today, the price of zinc in Foshan market has dropped further. Affected by the off-season of traditional consumption and the continuous decline of the metal market, downstream middlemen and traders are worried that the price of zinc will fall later, and their willingness to buy is still not strong, and they are mostly buying at low prices with rigid demand. The overall transaction is relatively ordinary, but the market is still looking forward to the recovery of gold consumption in September and October. It is expected that the short-term zinc price will remain volatile and explore the market.
Stainless Steel: Stainless steel generally fell. The market panic has spread, the stainless steel futures have been reversed, and the spot market has a strong price mentality, and reducing production and protecting prices still plays an important role. In addition, due to the falling price atmosphere, the scrap trading atmosphere turned cautious, and some buyers re-lowered their prices to hedge, resulting in poor transactions of low-priced goods. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to fall, and the short-term trend fluctuates weakly. Traders are concerned about whether the main contract of SHFE aluminum can hold the 19,000 yuan mark. After the recent continuous shock and decline, the purchase cost of aluminum market has obviously moved down, attracting many aluminum manufacturers to enter the market to make inquiries. Most merchants purchase on demand or add appropriate positions, and the consumption is improving. The discount rate of aluminum in Guangdong has narrowed.
Zinc: Today, the price of zinc in Foshan market has dropped further. Affected by the off-season of traditional consumption and the continuous decline of the metal market, downstream middlemen and traders are worried that the price of zinc will fall later, and their willingness to buy is still not strong, and they are mostly buying at low prices with rigid demand. The overall transaction is relatively ordinary, but the market is still looking forward to the recovery of gold consumption in September and October. It is expected that the short-term zinc price will remain volatile and explore the market.
Stainless Steel: Stainless steel generally fell. The market panic has spread, the stainless steel futures have been reversed, and the spot market has a strong price mentality, and reducing production and protecting prices still plays an important role. In addition, due to the falling price atmosphere, the scrap trading atmosphere turned cautious, and some buyers re-lowered their prices to hedge, resulting in poor transactions of low-priced goods. (Analyzed by LTIT)
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