Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 31
2024-5-31
Copper: Today, the spot copper price in Foshan market continued to drop sharply, and the market risk was released. Under the pressure of profit-taking of funds and worries about weak spot demand, LME copper fell successively, retreating to around $10,000, and the main contract of SHFE copper fell to 81,650 yuan/ton, down 7290 yuan from the record high of 88,940 yuan set last Monday. Risk release has a certain role in promoting market transactions. At present, most copper manufacturers purchase on demand or slightly increase the purchase volume, but the overall operation is still cautious, and the demand is about to enter the off-season in June. The traders are worried that there is still room for further correction of short-term copper prices. At present, the demand for physical goods in China is still weak, the spot continues to be discounted, and the copper inventory has climbed to a four-year high, which still puts pressure on copper prices.
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and overseas sentiment has turned to pressure. The non-ferrous metal market has been under collective pressure, and aluminum prices have retreated. At present, it is difficult to give price support to the switching of domestic consumption end in off-peak season, and the spot trading atmosphere is relatively deserted. Most downstream buyers replenish their stocks with rigid demands, and they are mainly interested in low-priced goods. The overall transaction performance of the market is relatively flat.
Zinc: The price of zinc has fallen sharply, and the wait-and-see atmosphere in the market remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the price of zinc in the market, and most of them wait and see, and their purchasing enthusiasm is not high. Most of them trade with traders, and the overall transaction is deserted. The accumulated market risk is large, so it is not appropriate to chase after the rise excessively. At present, it may have entered a downward channel.
Stainless Steel: LME nickel dropped sharply to around $20,000, domestic SHFE nickel and stainless steel futures fell under pressure, the spot trading atmosphere turned cold, and the scrap industry watched cautiously. Some manufacturers continued to follow the adjustment operation, and the low price reluctance affected the supply circulation. At present, the price of nickel fluctuates with the external market, and the high cost of raw materials supports the price of stainless steel. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and overseas sentiment has turned to pressure. The non-ferrous metal market has been under collective pressure, and aluminum prices have retreated. At present, it is difficult to give price support to the switching of domestic consumption end in off-peak season, and the spot trading atmosphere is relatively deserted. Most downstream buyers replenish their stocks with rigid demands, and they are mainly interested in low-priced goods. The overall transaction performance of the market is relatively flat.
Zinc: The price of zinc has fallen sharply, and the wait-and-see atmosphere in the market remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the price of zinc in the market, and most of them wait and see, and their purchasing enthusiasm is not high. Most of them trade with traders, and the overall transaction is deserted. The accumulated market risk is large, so it is not appropriate to chase after the rise excessively. At present, it may have entered a downward channel.
Stainless Steel: LME nickel dropped sharply to around $20,000, domestic SHFE nickel and stainless steel futures fell under pressure, the spot trading atmosphere turned cold, and the scrap industry watched cautiously. Some manufacturers continued to follow the adjustment operation, and the low price reluctance affected the supply circulation. At present, the price of nickel fluctuates with the external market, and the high cost of raw materials supports the price of stainless steel. (Analyzed by LTIT)
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