Metal Scrap Performance in China
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Metal scraps performances in Foshan market on September 22
2022-9-22
Copper: Today, the price of secondary copper in Foshan market is stable. The Fed's hawkish interest rate hike stimulated the soaring US dollar index, and the highest in the market hit 111.79, which put pressure on the price of non-ferrous metals. Copper futures remained in a weak range and the price rebound was weak. At present, the domestic supply of electrolytic copper is still tight, and the stock of electrolytic copper in Guangdong has returned to below 10,000 tons. Due to the quarterly settlement cycle, the premium of electrolytic copper began to narrow to the acceptable range of factories and enterprises, the market consumption increased and the transaction improved. The tight supply of secondary copper has not eased, supporting the price to resist the fall. The Fed's interest rate hike has been settled. At present, the market mainly focuses on whether the material preparation boom before the National Day can arrive on schedule. The traders generally expect that the trading activity will be discounted, because the demand is still weak.
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded. With the continuous decline and the expected arrival of the material preparation tide before the National Day, the funds paid attention to the aluminum market again, and the SHFE aluminum period took the lead in rebounding, while the factories and enterprises mostly purchased according to their own needs. Judging from the decrease of supply in Yunnan in the early stage and the upcoming fourth quarter, the policy support will continue to be beneficial to the aluminum trend, and it is expected that the subsequent aluminum fluctuation will be slightly intensive.
Zinc: Today, the price of zinc in Foshan market rose slightly. The Federal Reserve's interest rate resolution has been settled. After the news was digested, the zinc price ushered in an upward trend again, and the cargo-holder's willingness to ship was positive. Downstream manufacturers had obvious wait-and-see mood, and most of them were mainly inquiry-oriented, and just-needed manufacturers bought only a small amount. The overall market transaction was still difficult to increase the volume.
Stainless Steel: The price of nickel fluctuated violently due to macro news factors such as the Fed's interest rate hike as scheduled and Russian military mobilization. SHFE nickel approached the 200,000 mark, and stainless steel futures stabilized on the platform of 17,000 yuan. The positive market momentum once again stimulated the spot market to push up the atmosphere, and it also drove the scrap industry to follow up. Manufacturers and buyers actively replenished goods, and the transaction price increased slightly. (Analyzed by LTIT)
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