Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 4
2024-6-4
Copper: Today, the spot copper price in Foshan market stopped falling and rebounded, but the market trading sentiment is still cautious, because after the recent continuous correction, the copper price is still at a relatively high price, and it has entered the traditional off-season in June, and the demand is expected to decline further, which may not be conducive to the rise of copper prices. Some traders are worried that there is still room for the short-term copper price to fall. Therefore, the operation is still based on on-demand procurement, and there is no phenomenon of a large number of positions. At present, the supply of spot electrolytic copper is sufficient, and the discount transaction is still maintained. However, after the copper price fell, the discount range of copper has narrowed. Holders of recycled copper are reluctant to sell at a high price because of their small holdings, which further narrows the price difference between refined copper and scrap. At present, traders expect that there will still be pressure above the short-term copper price, and the price will be weak and volatile, focusing on inventory changes in the short term.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Although the price of aluminum has risen, considering the double pressures of weakening fundamentals and cooling macro-emotions in the current aluminum market, and the high price has continuously suppressed the enthusiasm of downstream enterprises to replenish stocks in the market, it is expected that the short-term volatility of aluminum prices will remain strong, but the fluctuation range will be relatively limited.
Zinc: Today, the zinc price in Foshan market rebounded with the copper price, but the overall market turnover has not changed much compared with the last two days, mainly because people in the industry generally believe that the current zinc price is still unstable, and they are worried that the zinc price will continue to drop after attracting more. In addition, it is always a demand problem, so the transaction is still dull.
Stainless Steel: The pace of nickel price decline began to show signs of slowing down, the stainless steel futures market still fell, the spot market steel strip took advantage of the trend to lower the preferential transaction, and the scrap market temporarily forced the downward pressure. The tight circulation of goods leads to the general reluctance to sell goods, and the willingness to trade at low prices is not strong. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Although the price of aluminum has risen, considering the double pressures of weakening fundamentals and cooling macro-emotions in the current aluminum market, and the high price has continuously suppressed the enthusiasm of downstream enterprises to replenish stocks in the market, it is expected that the short-term volatility of aluminum prices will remain strong, but the fluctuation range will be relatively limited.
Zinc: Today, the zinc price in Foshan market rebounded with the copper price, but the overall market turnover has not changed much compared with the last two days, mainly because people in the industry generally believe that the current zinc price is still unstable, and they are worried that the zinc price will continue to drop after attracting more. In addition, it is always a demand problem, so the transaction is still dull.
Stainless Steel: The pace of nickel price decline began to show signs of slowing down, the stainless steel futures market still fell, the spot market steel strip took advantage of the trend to lower the preferential transaction, and the scrap market temporarily forced the downward pressure. The tight circulation of goods leads to the general reluctance to sell goods, and the willingness to trade at low prices is not strong. (Analyzed by LTIT)
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