Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 30
2024-5-30
Copper: The spot copper price in Foshan market fell sharply today, and the market caution rose sharply, expressing concern about the short-term copper price trend. Although the external pressure remains stable and the market is waiting for the new trend of inflation, copper prices are currently running at a high level. However, the actual consumption is weak, and the accumulation of social stocks puts pressure on the trend of copper prices. At the same time, factors such as the weakening of the risk of copper crowding in the United States, BHP Billiton's abandonment of large-scale acquisition plans, and the early production of Kamoa copper mine have a certain negative impact on copper prices. At present, most copper manufacturers maintain the on-demand procurement strategy, with avoiding risks as the first priority. At present, most copper manufacturers maintain the on-demand procurement strategy, with avoiding risks as the first priority.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The Action Plan for Energy Conservation and Carbon Reduction for 2024-2025 recently issued by the State Council clearly stated that it is necessary to optimize the production layout of non-ferrous metals, including strictly implementing the policy of sluggish production capacity of electrolytic aluminum and strictly controlling the new production increase in smelting such as alumina. This policy measure further stimulated the strong price of aluminum. In addition, investors have recently sold copper and bought aluminum, making aluminum prices outperform the broader market, and there has been a make-up market for several days. Both domestic and foreign aluminum prices have hit new highs in two years. It is expected that the current aluminum price will continue to rise in the short term.
Zinc: The price of zinc dropped at a high level, and most traders kept a cautious attitude and did not rush to replenish their stocks. The downstream manufacturers' fear of falling increased, and they still focused on small mining on demand, and the market transactions were weak.
Stainless Steel: The price of nickel has gone up and down, the stainless steel market has once again felt external pressure, the spot transaction is dull, the steel strip shipment transaction is weak, and the waste response is sensitive to decline. Manufacturers in the industry generally lowered their quotations with the trend, and the supply of goods was not smooth at the end of the month. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The Action Plan for Energy Conservation and Carbon Reduction for 2024-2025 recently issued by the State Council clearly stated that it is necessary to optimize the production layout of non-ferrous metals, including strictly implementing the policy of sluggish production capacity of electrolytic aluminum and strictly controlling the new production increase in smelting such as alumina. This policy measure further stimulated the strong price of aluminum. In addition, investors have recently sold copper and bought aluminum, making aluminum prices outperform the broader market, and there has been a make-up market for several days. Both domestic and foreign aluminum prices have hit new highs in two years. It is expected that the current aluminum price will continue to rise in the short term.
Zinc: The price of zinc dropped at a high level, and most traders kept a cautious attitude and did not rush to replenish their stocks. The downstream manufacturers' fear of falling increased, and they still focused on small mining on demand, and the market transactions were weak.
Stainless Steel: The price of nickel has gone up and down, the stainless steel market has once again felt external pressure, the spot transaction is dull, the steel strip shipment transaction is weak, and the waste response is sensitive to decline. Manufacturers in the industry generally lowered their quotations with the trend, and the supply of goods was not smooth at the end of the month. (Analyzed by LTIT)
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