Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 28
2024-5-28
Copper: The spot copper price in Foshan market rose sharply today, mainly driven by the optimistic rise of copper at home and abroad, but the market is still cautious. In the context of strong global demand, the enthusiasm for capital speculation has not diminished, and copper prices have resumed their gains after a short-term correction. However, copper prices continue to run at a high level, which has obviously curbed the consumption desire of downstream enterprises, and also brought heavy cost pressure to downstream consumers, and the orders of enterprises have decreased significantly. At present, the sales of spot electrolytic copper are still in a discount state, and the inventory continues to increase, which may limit the increase of copper price in the short term. However, when the import of recycled copper is upside down, most copper factories and enterprises replenish it on the market, and the purchase volume is relatively limited. The traders expect short-term copper prices to maintain a strong oscillation trend, and beware of short-term profit of funds.
Aluminum: Today, the price of aluminum in Foshan market has risen further, but the sharp rebound of aluminum prices has warmed up the market's cautious mood. Most of the cargo holders are worried that the increase in aluminum prices will be unsustainable, and they will profit from discounted shipments first. China's strong policy is expected to boost the strength of SHFE aluminum's main contract, and the bullish confidence in the market is gradually improved under the stimulus of favorable real estate policies, but the actual demand for aluminum is still weak.
Zinc: The price of zinc continues to rise, and traders are cautious in receiving goods, focusing on maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights and wait and see, and the purchasing enthusiasm is not high. The high price of zinc inhibits the downstream replenishment, and the market demand transaction is dull. The market of refined copper is not over yet. Short-term zinc continues to look at the price of multi-zinc. At present, the accumulated market risk is large, so it is not appropriate to chase after it too much.
Stainless Steel: Metal futures at home and abroad continued to rise, SHFE nickel and stainless steel continued to rise, and the strong operation of futures stimulated the spot market to release the momentum of growth. The trading confidence in the scrap industry rebounded, and manufacturers joined the ranks of chasing goods at higher prices, and the transaction and circulation of goods sources improved. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen further, but the sharp rebound of aluminum prices has warmed up the market's cautious mood. Most of the cargo holders are worried that the increase in aluminum prices will be unsustainable, and they will profit from discounted shipments first. China's strong policy is expected to boost the strength of SHFE aluminum's main contract, and the bullish confidence in the market is gradually improved under the stimulus of favorable real estate policies, but the actual demand for aluminum is still weak.
Zinc: The price of zinc continues to rise, and traders are cautious in receiving goods, focusing on maintaining the existing inventory operation. The downstream materials manufacturers are afraid of heights and wait and see, and the purchasing enthusiasm is not high. The high price of zinc inhibits the downstream replenishment, and the market demand transaction is dull. The market of refined copper is not over yet. Short-term zinc continues to look at the price of multi-zinc. At present, the accumulated market risk is large, so it is not appropriate to chase after it too much.
Stainless Steel: Metal futures at home and abroad continued to rise, SHFE nickel and stainless steel continued to rise, and the strong operation of futures stimulated the spot market to release the momentum of growth. The trading confidence in the scrap industry rebounded, and manufacturers joined the ranks of chasing goods at higher prices, and the transaction and circulation of goods sources improved. (Analyzed by LTIT)
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