Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on September 26
2022-9-26
Copper: Today, the price of secondary copper in Foshan market has dropped sharply, making the transaction more cautious. The U.S. dollar index has been rising all the way, hitting a high of 114.58 today, weighing heavily on the non-ferrous metal market. LME copper fell to a minimum of 7,350 dollars, SHFE copper fell below the important mark of 61,000 yuan, and spot copper prices fell across the board. 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. In Guangdong, the electricity and copper prices rose and the quarterly demand inventory was reduced to a low level of 5,600 tons. In the fourth quarter, more stimulus measures will continue to be introduced. 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 aluminum price in Foshan market shows a decline again. Under the premise of weak orders, traders mostly purchase according to the demand before the end of the third quarter. The social inventory in Foshan area has increased slightly and recently maintained in the range of 160,000-170,000 tons; It is expected that the fall in short-term prices will help the final impact before the holiday. Coupled with the impact of energy, there will not be much room for aluminum to go down.
Zinc: Today, the zinc price in Foshan market has fallen sharply across the board, and the continuous strong surge of the US dollar index has put pressure on the zinc market. Today, the sharp drop in SHFE zinc has dragged down the spot zinc price further. At present, the cargo-holders have a positive willingness to ship goods, and the downstream manufacturers have a clear wait-and-see mood. Most of them are mainly inquiry-based, and just-needed manufacturers only buy in small quantities, so the overall market transaction is still difficult to increase the volume.
Stainless Steel: LME nickel dropped nearly a thousand dollars, domestic SHFE nickel and stainless steel futures passively followed the decline, the overall spot market trading performance was cautious, the bearish expectation was aggravated, and there was a risk of a high correction in the market. In the waste industry, hedging operation, the transaction turned into a killing atmosphere, manufacturers collectively lowered the purchase price, and the transaction price went down step by step. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market shows a decline again. Under the premise of weak orders, traders mostly purchase according to the demand before the end of the third quarter. The social inventory in Foshan area has increased slightly and recently maintained in the range of 160,000-170,000 tons; It is expected that the fall in short-term prices will help the final impact before the holiday. Coupled with the impact of energy, there will not be much room for aluminum to go down.
Zinc: Today, the zinc price in Foshan market has fallen sharply across the board, and the continuous strong surge of the US dollar index has put pressure on the zinc market. Today, the sharp drop in SHFE zinc has dragged down the spot zinc price further. At present, the cargo-holders have a positive willingness to ship goods, and the downstream manufacturers have a clear wait-and-see mood. Most of them are mainly inquiry-based, and just-needed manufacturers only buy in small quantities, so the overall market transaction is still difficult to increase the volume.
Stainless Steel: LME nickel dropped nearly a thousand dollars, domestic SHFE nickel and stainless steel futures passively followed the decline, the overall spot market trading performance was cautious, the bearish expectation was aggravated, and there was a risk of a high correction in the market. In the waste industry, hedging operation, the transaction turned into a killing atmosphere, manufacturers collectively lowered the purchase price, and the transaction price went down step by step. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
