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| Metal scraps performances in Foshan market on November 6 |
| 2024-11-6 |
Copper: The spot copper price in Foshan market fell slightly today, and the market was cautious.At present, the uncertainty of the US election is still disturbing the market. The strong rise of the US dollar index has put pressure on commodity prices, gold has fallen sharply, LME copper has also fallen below $9,600, SHFE copper has been under pressure from rising to falling, and spot copper prices have fallen under pressure. For the trend of copper prices in the after-market, the traders are still optimistic. Citigroup believes that in the context of loose policies between China and the United States, no matter who wins the election, copper prices will show an upward trend in the short term, and copper prices may briefly rise to $10,000 per ton in the next week. At present, copper manufacturers are still mainly purchasing on demand, and the manufacturers focus on the results of the US election and worry about the impact of the end of the election on the price trend of copper metal.
Aluminum: Today, the price of aluminum in Foshan market continues to rise. Stimulated by the strong rise of alumina futures, SHFE aluminum did not follow the copper price correction, and the price remained above 21,000 yuan, driving the current aluminum price to rise slightly. The traders believe that the short-term cost effect of aluminum price will continue to ferment, and the short-term trend of aluminum price will fluctuate strongly, but we should still pay attention to the impact of the US election and the pressure of capital profit.
Zinc: At the tense moment of the US election, the US dollar "stands out", the price of zinc is limited, and the fear of falling hangs over the market. Downstream middlemen and traders are worried about the trend of the zinc market, and a large number of purchases are still small. Traders maintain their enthusiasm for shipping, and materials manufacturers are not strong in purchasing. Most of them maintain on-demand procurement, and market transactions are weak. Mid-term spot zinc price is still expected to hit a high in October.
Stainless Steel: The US election disturbed the financial market, the US dollar soared by more than 1,000 points, and the pressure shifted to the market. The LME nickel 16,000 mark fell at any time, and both SHFE nickel and stainless steel futures showed a wait-and-see atmosphere in spot steel strip trading. However, in terms of scrap, manufacturers were more willing to purchase, and there were many phenomena of chasing high prices and inquiring about goods. Short-term stainless steel continues to maintain a narrow range of shocks. (Analyzed by LTIT)
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2024-11-18
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Item |
SHFE |
Change |
Cu |
130465 |
-9197 |
Al |
233681 |
-35713 |
Zn |
90661 |
+17996 |
Item |
LME |
Change |
Cu |
271525 |
-350 |
Al |
716425 |
-2525 |
Zn |
259500 |
+11050 |
Ni |
159156 |
+4722 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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