Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 27
2022-9-27
Copper: The price of secondary copper in Foshan market continues to fall today, but the decline has narrowed obviously. At present, the U.S. dollar index has dropped below 114 points, and the decline of copper futures has obviously slowed down. At present, LME copper fluctuates above $7,300 while SHFE copper fluctuates below $61,000. In the last trading week before the National Day holiday, the market paid close attention to the situation of material preparation before the holiday, but up to now, manufacturers are still cautious in purchasing goods, and most of them wait and see, except for the settlement demand. Electrolytic copper in Guangdong province has a decline in premium, which stimulates the quarterly demand inventory to be reduced to a low level of 5,600 tons. At present, the market generally expects that more stimulus measures will be introduced in China in the fourth quarter. Although it is expected that the copper price will fall back and release the risk, the 60,000 mark is still the recent support level.
Aluminum: Today, the price of aluminum in Foshan market continues to fall. Under the pressure of inflation in Europe and America, SHFE aluminum continues to approach the 18,000-yuan mark, and the trading sentiment in the market is more cautious. However, some traders said that the fall of aluminum price before the holiday may be conducive to preparing materials before the holiday. As the European energy crisis is getting worse and worse, the energy price is expected to continue to run at a high level, and the industry expects that the downward space of aluminum price will be limited.
Zinc: Today, the price of zinc in Foshan market continues to fall, and the short-term trend is weak. The trend of zinc price is weak. Intermediaries and traders are still worried about the trend of zinc market in the future, and they are cautious in purchasing a large number of goods. Most downstream manufacturers maintain on-demand purchases, and some manufacturers replenish their stocks in an appropriate amount, resulting in a poor overall trading volume.
Stainless Steel: The price of nickel dropped from the high point under the pressure of the continued strength of the US dollar index, and the price of stainless steel followed the weak downward trend. When the nickel price continues to pull back, coupled with the reduction of purchase price by large steel mills, the scrap stainless steel market is in a cautious wait-and-see atmosphere. Manufacturers and buyers are interested in keeping the price down, but they are reluctant to sell the goods at a low price. The two sides of the transaction are deadlocked, and the market weakness drops slightly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall. Under the pressure of inflation in Europe and America, SHFE aluminum continues to approach the 18,000-yuan mark, and the trading sentiment in the market is more cautious. However, some traders said that the fall of aluminum price before the holiday may be conducive to preparing materials before the holiday. As the European energy crisis is getting worse and worse, the energy price is expected to continue to run at a high level, and the industry expects that the downward space of aluminum price will be limited.
Zinc: Today, the price of zinc in Foshan market continues to fall, and the short-term trend is weak. The trend of zinc price is weak. Intermediaries and traders are still worried about the trend of zinc market in the future, and they are cautious in purchasing a large number of goods. Most downstream manufacturers maintain on-demand purchases, and some manufacturers replenish their stocks in an appropriate amount, resulting in a poor overall trading volume.
Stainless Steel: The price of nickel dropped from the high point under the pressure of the continued strength of the US dollar index, and the price of stainless steel followed the weak downward trend. When the nickel price continues to pull back, coupled with the reduction of purchase price by large steel mills, the scrap stainless steel market is in a cautious wait-and-see atmosphere. Manufacturers and buyers are interested in keeping the price down, but they are reluctant to sell the goods at a low price. The two sides of the transaction are deadlocked, and the market weakness drops slightly. (Analyzed by LTIT)
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