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Metal scraps performances in Foshan market on September 2
2024-9-2
Copper: The spot copper price in Foshan market dropped slightly today, and the market caution has warmed up. In September, non-ferrous metals started badly, falling across the board, and the confidence in market transactions was greatly hit. However, September is the traditional consumption peak season, and the traders still have optimistic expectations for the "Golden September" market. According to the analysis, the current macro-out-of-plane strength continues, but the US data is strong, the bullish logic is still dominant, the domestic supply-side support of copper fundamentals is enhanced, consumption in peak season is expected to pick up, and the price rebound process is not over, but the height may be limited. At present, although the demand of copper market is not prosperous, it has improved to a certain extent compared with the beginning of August. It is expected that with the further improvement of demand in peak season, copper prices will regain support and continue to rise.
Aluminum: Today, the price of aluminum in Foshan market is falling under pressure, which makes trading more cautious. SHFE aluminum continues its high callback, and its fundamental support is still weak. Short-term consumption has not picked up significantly, and the continuous high inventory is a drag. In the short term, the imbalance between supply and demand will continue, or the aluminum price will continue to be pressured. At present, the market is paying close attention to whether the arrival of the traditional peak season in September can bring a turn for the metal market.
Zinc: The strong US data further pushed up the US dollar index, and the price of zinc fell under pressure. The wait-and-see atmosphere in the market is heavy, middlemen are cautious in purchasing goods according to orders, and downstream manufacturers are worried about the price of zinc in the after-market, mainly on the wait-and-see, with low purchasing enthusiasm and rigid demand in market transactions. The benefits of production reduction have subsided, and zinc prices may have the risk of falling back.
Stainless Steel: In September, the futures started to fall across the board, and both SHFE nickel and stainless steel futures fell, which plunged market confidence. Now the reality is contrary to bullish expectations, and the market has not continued its upward trend. Although the current spot trading mentality changes with the trend, the lack of supply circulation still has strong support, and the after-market is expected to improve the seasonal demand. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is falling under pressure, which makes trading more cautious. SHFE aluminum continues its high callback, and its fundamental support is still weak. Short-term consumption has not picked up significantly, and the continuous high inventory is a drag. In the short term, the imbalance between supply and demand will continue, or the aluminum price will continue to be pressured. At present, the market is paying close attention to whether the arrival of the traditional peak season in September can bring a turn for the metal market.
Zinc: The strong US data further pushed up the US dollar index, and the price of zinc fell under pressure. The wait-and-see atmosphere in the market is heavy, middlemen are cautious in purchasing goods according to orders, and downstream manufacturers are worried about the price of zinc in the after-market, mainly on the wait-and-see, with low purchasing enthusiasm and rigid demand in market transactions. The benefits of production reduction have subsided, and zinc prices may have the risk of falling back.
Stainless Steel: In September, the futures started to fall across the board, and both SHFE nickel and stainless steel futures fell, which plunged market confidence. Now the reality is contrary to bullish expectations, and the market has not continued its upward trend. Although the current spot trading mentality changes with the trend, the lack of supply circulation still has strong support, and the after-market is expected to improve the seasonal demand. (Analyzed by LTIT)
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