Copper:

The moderate decline in the price of recycled copper in Foshan market today was mainly due to the overall decline in China's economic data in July and the strong rally in the U.S. dollar index. Although financial market risks continue to rise recently, the threat of strike in copper market is imminent. In addition, due to the expected end of the off-season of consumption, people in the industry are still optimistic about copper prices in the latter market, LTIT learned. However, in the face of this sudden and violent decline, the enthusiasm of copper manufacturers and traders to purchase was greatly dampened, and they stopped to wait and see one after another, waiting for the direction to be clear. It is said that, to avoid imposing a 25 % import tariff, China's scrap copper processors and importers are eager to transfer or resell the scrap copper shipment being shipped to China from the United States. Affected by the policy, the amount of imported recycled copper is expected to continue to decrease in the second half of the year, or to benefit domestic copper prices.

Aluminum:

Today, the price of aluminum in Foshan market fell slightly. Due to the cost effect, the decline in domestic aluminum price was relatively limited. The reduction in smelter output has resulted in a continuous decrease in the delivery of aluminum ingots. Although the recent decrease has slowed down somewhat, the overall pace of reduction has not changed, which is beneficial to the increase in aluminum prices. In addition, the cost side still has strong support for the aluminum price, and the industry expects that the aluminum price will continue to rise as the off-season ends.

Zinc:

Today, the price of zinc in Foshan market continues to fall in a moderate range, with four consecutive falls in the short term. The trend is weak and the market's trading confidence is greatly hit. For a long period of time, zinc market operators have a strong fear of falling. They operate in large, multi-dimensional and light positions, while zinc manufacturers mainly purchase on demand, LTIT learned. At present, the market is expected to increase supply pressure in the zinc market and the price may still have room to fall.

Stainless steel:

Today, scrap stainless steel in Foshan market still maintains high price range transactions, ignoring the weak correction of nickel price, mainly supported by tight supply of goods. Due to the decline in the output of waste stainless steel in the off-season market, some small traders were unable to deliver their goods. As the demand for steel mills gradually recovered, the waste stainless steel resources on the market seemed like" not enough to satisfy everyone", and merchants actively snapped up them.  (Source: Lingtong Metal Information)