Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 27
2024-5-27
Copper: The spot copper price in Foshan market is stable today, and the market trading is slightly cautious. After copper hit a record high last week, it adjusted back several days. SHFE copper's high-low price difference exceeded 6,000 yuan/ton last week, and it is currently at a high level. Judging from the current market situation, the continuous high copper price in China has obviously curbed the downstream consumer desire, and also brought heavy cost pressure to downstream consumers. Also, the spot market was sold by traders, which aggravated the fluctuation of the market and also reflected the concern and anxiety of market participants about the future trend of copper prices. Generally speaking, the short-term copper price trend is still risky, but the industrial demand is expected to show signs of marginal warming after the high copper price correction, limiting the space for copper price to fall back, and it is expected that copper prices will remain volatile in a short time.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the market has a strong wait-and-see mood. China's strong policy is expected to boost the strength of SHFE aluminum's main contract, and the market consumer confidence is gradually improved under the stimulus of favorable real estate policies. However, the current aluminum market demand is still affected by high aluminum prices. The spot sales discount is over 100 yuan, and the inventory is increasing. Focus on the trend of the metal market in the short term.
Zinc: The price of zinc continues to fluctuate at a high level. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the market, and some of them conduct small purchases with rigid demands, and market transactions have not changed much. At present, the accumulated market risks are large, so the price of zinc should not be excessively chased up.
Stainless Steel: Domestic SHFE nickel and stainless steel futures are rising, the spot market is cautious with the rising attitude, and the operating mentality of the waste industry is different. Some merchants who need to deliver goods actively follow the trend to absorb goods, but the transaction of supply is still relatively dull. At present, seasonal demand shows signs of weakening. Concerned about the speed of social storage and steel mill scheduling, it is expected that stainless steel will run in shock. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the market has a strong wait-and-see mood. China's strong policy is expected to boost the strength of SHFE aluminum's main contract, and the market consumer confidence is gradually improved under the stimulus of favorable real estate policies. However, the current aluminum market demand is still affected by high aluminum prices. The spot sales discount is over 100 yuan, and the inventory is increasing. Focus on the trend of the metal market in the short term.
Zinc: The price of zinc continues to fluctuate at a high level. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the market, and some of them conduct small purchases with rigid demands, and market transactions have not changed much. At present, the accumulated market risks are large, so the price of zinc should not be excessively chased up.
Stainless Steel: Domestic SHFE nickel and stainless steel futures are rising, the spot market is cautious with the rising attitude, and the operating mentality of the waste industry is different. Some merchants who need to deliver goods actively follow the trend to absorb goods, but the transaction of supply is still relatively dull. At present, seasonal demand shows signs of weakening. Concerned about the speed of social storage and steel mill scheduling, it is expected that stainless steel will run in shock. (Analyzed by LTIT)
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