Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 22
2023-9-22
Copper: The spot copper price in Foshan market continued to drop slightly today, and the trend continued to fluctuate weakly this week. The release of the extreme "hawkish" signal by the Federal Reserve not only implies that it will raise interest rates again during the year, but also will keep high interest rates unchanged for a long time afterwards. Therefore, the US dollar index continues to rise. If the US dollar index closes up again this week, the US dollar will record a "ten-week continuous rise" strength, and the non-ferrous metal market will be further under pressure. Under the double pressure of the strong US dollar and the continuous growth of domestic and foreign copper stocks, LME copper once fell to $8,071 overnight, and the main contract of SHFE copper hit a low of 67,500 yuan in the morning, and the spot copper price fell under pressure. However, insiders said that the drop in copper prices before the holiday is not all bad, and the drop in purchase cost may be more conducive to the pre-holiday material preparation operation.
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the trend is obviously strong. The expectation of preparing materials for the National Day holiday and the downward trend of prices in the early stage attract funds to go long with aluminum market. At present, more measures to stimulate real estate continue to be introduced in various regions, and the aluminum market transactions have improved recently. At present, the traders are still optimistic about the aluminum price in the after-market, and it is expected that the pre-holiday preparation will bring more support to the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to rise, and the asking price of goods-holding merchants is relaxed. The downstream manufacturers are still afraid of heights, and their purchasing intention is weak. They mainly buy goods on demand, and the market transactions have not changed much. Zinc inside and outside the low inventory support, the market outlook is still optimistic and short-term bullish.
Stainless Steel: LME nickel further refreshed the low point of the year, which dragged down SHFE nickel's position. The stainless steel market fell into a panic atmosphere of falling prices, the price of steel strip gradually fell, and the scrap trading followed suit to lower prices. Affected by the shortage of funds, the overall transaction circulation rhythm has intensified and slowed down. Mid-Autumn Festival and National Day holidays will be ushered in next week, and the pre-holiday preparation market is still expected. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the trend is obviously strong. The expectation of preparing materials for the National Day holiday and the downward trend of prices in the early stage attract funds to go long with aluminum market. At present, more measures to stimulate real estate continue to be introduced in various regions, and the aluminum market transactions have improved recently. At present, the traders are still optimistic about the aluminum price in the after-market, and it is expected that the pre-holiday preparation will bring more support to the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to rise, and the asking price of goods-holding merchants is relaxed. The downstream manufacturers are still afraid of heights, and their purchasing intention is weak. They mainly buy goods on demand, and the market transactions have not changed much. Zinc inside and outside the low inventory support, the market outlook is still optimistic and short-term bullish.
Stainless Steel: LME nickel further refreshed the low point of the year, which dragged down SHFE nickel's position. The stainless steel market fell into a panic atmosphere of falling prices, the price of steel strip gradually fell, and the scrap trading followed suit to lower prices. Affected by the shortage of funds, the overall transaction circulation rhythm has intensified and slowed down. Mid-Autumn Festival and National Day holidays will be ushered in next week, and the pre-holiday preparation market is still expected. (Analyzed by LTIT)
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