Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 29
2024-5-29
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. Copper futures re-launched the rebound offensive after a short correction from the historical high, but the current rebound of copper prices is still limited, but it does not hinder the market bullish sentiment. UBS still expects copper prices to reach $11,500 per ton by the end of the year and $12,000 or more by mid-2025. 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 has continuously increased to nearly 60,000 tons. Copper factories and enterprises hold a wait-and-see attitude towards the recent copper trend, and most of them purchase on demand.
Aluminum: Today, the price of aluminum in Foshan market continues to rise. The favorable signals of domestic policies continued to be released, and the regulation of the property market was loosened in many places, which not only optimized the real estate market, but also significantly enhanced market popularity. However, the recent increase in the arrival of aluminum ingots has led to an increase in inventory pressure, and high aluminum prices have inhibited downstream consumption. Holders continue to make profits by shipping at a large discount, and the transaction is slack.
Zinc: The price of zinc continues to rise, and the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, basically maintaining the existing low-inventory operation, and inquiring about goods only after receiving orders. Downstream manufacturers are afraid of heights, mostly wait and see, and purchase in small quantities with rigid demands, and the market transaction is dull. The market of American refined copper is not over yet, and short-term traders continue to look at the price of zinc, but they need to be alert to the risks.
Stainless Steel: The price of nickel is strong outside and weak inside, and stainless steel runs counter to it. Futures have a "roller coaster" market, and it is difficult to keep up with the transaction rhythm in the spot market. The self-control ability of scrap market is strong, and the manufacturers' trading and delivery of documents are compact at the end of the month, and the bargaining between the two sides is mainly stable. At present, the price of raw materials is maintained at a high level, and stainless steel continues to oscillate. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise. The favorable signals of domestic policies continued to be released, and the regulation of the property market was loosened in many places, which not only optimized the real estate market, but also significantly enhanced market popularity. However, the recent increase in the arrival of aluminum ingots has led to an increase in inventory pressure, and high aluminum prices have inhibited downstream consumption. Holders continue to make profits by shipping at a large discount, and the transaction is slack.
Zinc: The price of zinc continues to rise, and the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, basically maintaining the existing low-inventory operation, and inquiring about goods only after receiving orders. Downstream manufacturers are afraid of heights, mostly wait and see, and purchase in small quantities with rigid demands, and the market transaction is dull. The market of American refined copper is not over yet, and short-term traders continue to look at the price of zinc, but they need to be alert to the risks.
Stainless Steel: The price of nickel is strong outside and weak inside, and stainless steel runs counter to it. Futures have a "roller coaster" market, and it is difficult to keep up with the transaction rhythm in the spot market. The self-control ability of scrap market is strong, and the manufacturers' trading and delivery of documents are compact at the end of the month, and the bargaining between the two sides is mainly stable. At present, the price of raw materials is maintained at a high level, and stainless steel continues to oscillate. (Analyzed by LTIT)
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