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Metal scraps performances in Foshan market on September 21
2022-9-21
Copper: The price of secondary copper in Foshan market fell slightly today. Before the announcement of the results of the Federal Reserve's interest rate discussion, the market remained cautious. Today, investors will focus on the Federal Reserve's decision, which is expected to trigger drastic market volatility. At present, it is widely expected that the Fed will raise interest rates by 75 basis points, and some market participants think that the Fed may raise interest rates by 100 basis points. Analysts pointed out that if the Federal Reserve unexpectedly raises interest rates by 100 basis points, it will stimulate the dollar to soar and metal prices to fall under pressure. If the Fed raises interest rates by 75 basis points as expected, metal prices are expected to rebound. At present, the demand of domestic copper market is still weak, and the high premium of electrolytic copper puts pressure on the purchasing intention of factories and enterprises. Whether the material preparation before the National Day holiday can be started on schedule still depends on the recent trend of copper prices.

Aluminum: Today, the price of aluminum in Foshan market continues to fall. Under the pressure of no obvious improvement in demand, funds shorted the aluminum market, and aluminum prices fell successively under pressure. The industry expects that the short-term aluminum prices will still be dominated by range fluctuations. As the National Day holiday approaches, it remains to be seen whether the demand for materials preparation in the aluminum market will start as scheduled. However, on the whole, the current fall in aluminum prices will reduce procurement costs or help promote consumption.

Zinc: Today, the price of zinc in Foshan market is stable. The interest rate decision of the Federal Reserve is just around the corner, the zinc price has not changed much, the cargo-holders have a positive intention to ship, and the downstream manufacturers have obvious wait-and-see mood. Most of them are mainly inquiry-oriented, and the manufacturers just need to buy only a small amount, so the overall market transaction is still difficult to increase the volume. It is expected that the Fed will raise interest rate by 75 basis points in the market, and the zinc price is expected to fall.

Stainless Steel: SHFE nickel and stainless steel futures rose in the market. Although the spot market was obviously creating momentum, the trading and rising strength was poor, and the overall price became stable. Due to the lack of active purchasing in steel mills, the wait-and-see attitude in the waste industry is gradually rising, and manufacturers are cautious in operating according to orders, and generally refer to the quotation range for receiving goods. As a result, the transaction of goods is accelerated and the transaction is improved. (Analyzed by LTIT)

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