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Metal scraps performances in Foshan market on Sep 4
2020-9-4

Copper:

Today, the recycled copper price in Foshan market reappeared in decline. This week, the copper price rose first and then declined. Overnight, U.S. stocks flashed and collapsed, dragging down metal prices across the board. This morning, SHFE copper fell back to above 51,000 yuan, which is not expected to be high before the test. On the spot side, in the face of a sharp drop in copper futures, the holders of recycled copper are reluctant to sell in the case of shortage of goods, which has certain anti-falling support for the price of recycled copper, and the decline is relatively less than that of electrolytic copper. At the same time, some merchants took advantage of the opportunity of copper price callback to enter the market to replenish goods at low prices, which also limited the decline of recycled copper prices. At present, the fundamentals of the copper market are still optimistic, with copper stocks of the three major exchanges all falling, and LME copper stocks of continued to decline to 84,650 tons, setting a new low for more than ten years, and copper prices are expected to fluctuate strongly in September.

 

Aluminum: Today, the aluminum price in Foshan market declined slightly. This week, the aluminum price fluctuated continuously, and the risk expectation was released to some extent. Some aluminum manufacturers reported that the drop in aluminum prices eased the pressure on the purchase cost. Although there was no obvious sign of improvement in the current aluminum market demand, a small amount of stocks would still be selected in the staged low range, and the transaction was stable and positive.

 

Zinc: Today, the price of zinc in Foshan market has fallen sharply under pressure, and the holder has a strong psychology of holding prices, which makes the spot price firmer. In early morning, SHFE zinc in opened lower and went higher. Downstream manufacturers actively purchased at every falling price, and the activity of market transactions increased. At present, the price of zinc is still in good momentum, and there is still room for future growth due to the increase of domestic infrastructure. In the medium term, zinc prices are still optimistic.

 

Stainless Steel: Today, the price of waste stainless steel in Foshan market fell across the board. Due to the drop of nickel price, the quotation of 304 steel strip showed a correction, and the panic in the waste industry heated up sharply. Buyers pressed down the receiving price repeatedly, and profitable sources flowed out one after another. Short-term nickel price trend will influence market confidence, but the supply of goods is tight or limit the decline. (Source: Lingtong Metal Information)

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