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| Metal scraps performances in Foshan market on August 6 |
| 2021-8-6 |
Copper: Today, the recycled copper price in Foshan market rose slightly, which was driven by SHFE copper stabilizing and stopping falling. Today, the traders focus on the US non-agricultural data. Analysts pointed out that if the non-agricultural employment report is strong, it will further strengthen the hawkish voice of the Federal Reserve, thus pushing the US dollar to continue to rise, or it will lead to a further decline in the price of non-ferrous metals. At present, traders' forecast of short-term copper price trend is still mainly in a narrow range, because the news is still long and short. On the one hand, the news of strikes is endless, which may cause the traders to worry about tight supply, and lead to higher copper prices. On the other hand, Delta variant virus is in a strong position, which may impact the global economy again, and the demand for metals may be affected. At present, the supply of recycled copper continues to be tight, and the holders are reluctant to sell, which leads to the widening difference between the price of electricity and copper, which suppresses the demand.
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded, and the center of gravity fluctuated and rose. The upgrade of power cuts in Southwest China has strong support for SHFE aluminum, and it is expected to challenge again after the short-term market sentiment stabilizes. Year-to-date, the scale of production reduction has reached 2 million tons, and there is the possibility of further production reduction. Under destocking in the off-season, domestic inventories are expected to return to historical lows in September and October.
Zinc: Today, the zinc price in Foshan market rebounded strongly, but there was an intensive wait-and-see atmosphere in the market. Traders were more cautious in receiving goods, and basically maintained the existing inventory operation. Most of them only made inquiries after receiving orders. Downstream manufacturers were worried about the zinc price in the market outlook, and most of them were mainly waiting to see. The overall trend of bulk metals is stable, and the superposition of bull news is beneficial to the zinc market. It is expected that the short-term zinc price will still have room to rise.
Stainless Steel: Today, the price of stainless steel in Foshan market stopped falling and rebounded. The peripheral nickel price took the lead in stopping falling and rebounded. Stainless steel scrap showed signs of stopping falling. Buyers did not hesitate to raise prices again to absorb the supply of goods. With the replenishment at low prices and actively entering the market, the market transaction price rose. The market is out of stock, the price of steel mills is quite high, and the downstream replenishment is expected to continue to push up the price of stainless steel. (Analyzed by LTIT) |
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2024-12-19
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Item |
SHFE |
Change |
Cu |
84557 |
-13199 |
Al |
214501 |
-9875 |
Zn |
50666 |
-2317 |
Item |
LME |
Change |
Cu |
272325 |
+0 |
Al |
665025 |
-2500 |
Zn |
257525 |
-2875 |
Ni |
161238 |
+318 |
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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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