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| Metal scraps performances in Foshan market on November 2 |
| 2022-11-2 |
Copper: Today, the price of secondary copper in Foshan market rebounded in an all-round way, and the market sentiment improved accordingly. At present, the market continues to be in the mutual game between the pessimistic expectation of a sharp interest rate increase during the year and the optimistic expectation of a slower interest rate increase next year. There is no clear direction yet, and both sides need more evidence to support it. At present, the consumption in gold September and silver October is coming to an end, and with the recent sporadic outbreak of domestic pandemic, copper factory enterprises are more cautious and try their best to keep the price down even if they receive the goods. In the short term, the market focuses on the Federal Reserve's interest rate decision in November and the result of LME's sanctions on Russian metals, both of which will have a great impact on copper prices, and wait for the news to be clear.
Aluminum: Today, the aluminum price in Foshan market is stable. Although the aluminum price has rebounded, that is, the monthly aluminum price still stops at the 18,000 mark. However, the situation that the spot aluminum price in Guangdong has greatly increased the price of futures has led traders and aluminum manufacturers in the market to selectively purchase or slightly increase their purchases, and the overall trading performance has improved.
Zinc: Today, the price of zinc in Foshan market has rebounded in an all-round way. Traders are still cautious in receiving goods, and most of them only make inquiries after receiving orders. Downstream manufacturers are also worried about the price of zinc in the market, and their purchasing enthusiasm has declined, and market transactions have weakened. The downward shift of the center of gravity of natural gas prices in Europe weakens the fundamental support for zinc. It is expected that the short-term zinc prices will rise in stages in a short period, but the increase is limited.
Stainless Steel: The big counterattack of metal, the most prominent increase in nickel price. SHFE nickel and LME nickel helped each other to push up, which led to the rise of stainless steel futures. The feedback trading in the spot market had a low willingness to follow up, and the increase transaction was weak. With the steel strip waste being mutually restrained, the buyer's cautious price reduction and the reluctance to sell the goods at low prices form a stalemate, and the market is weak. (Analyzed by LTIT) |
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2024-5-3
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Item |
SHFE |
Change |
Cu |
288340 |
+842 |
Al |
222585 |
-1274 |
Zn |
128642 |
+850 |
Item |
LME |
Change |
Cu |
111300 |
-3975 |
Al |
487750 |
-1500 |
Zn |
253975 |
-900 |
Ni |
79920 |
+1140 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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