Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 5
2024-6-5
Copper: The spot copper price in Foshan market has fallen sharply today, and the market differences have further increased. After the funds were bought to cool down and put pressure on consolidation, LME copper fell below the $10,000 mark for the first time in three weeks overnight, and the battle for guarding the $80,000 mark of SHFE copper officially started. The spot copper price fell under pressure and the discount was narrowed. At present, most copper manufacturers purchase at a reduced price. Because they are worried that there is still room for correction of short-term copper prices, they are still cautious in purchasing, and the purchase volume is relatively limited. However, due to the tight supply of recycled copper and the influence of upside-down imports, most of the recyclers are firm in asking prices, and their reluctance to sell is obvious, which further narrows the price difference between refined copper and waste. At present, the high domestic copper inventory implies that the actual supply is sufficient, and the low spot consumption will curb the upward momentum, and the market will maintain a consolidation trend.
Aluminum: Today, the price of aluminum in Foshan market fell again, mainly due to the market decline. Yunnan's power supply is sufficient to boost the capacity load, and aluminum ingots may enter the stage of continuous accumulation. However, the current high aluminum price and off-season effect are superimposed to curb consumer demand, or continue to put pressure on aluminum prices. At present, aluminum holders continue to make profits by shipping at a high discount, but aluminum enterprises are cautious in receiving goods and mainly purchase on demand.
Zinc: The decline of the copper market has suppressed the trading popularity of the zinc market, and the price of zinc has fallen. Middlemen and traders are worried about the trend of the zinc market in the future. There are not many large purchases, and the goods are shipped at a high price. The purchasing intention of zinc manufacturers is not strong. Most of them maintain on-demand procurement, and the overall market transaction slows down. The market risk has accumulated a lot, and it may have entered the downward channel at present, so it is not appropriate to blindly chase after it.
Stainless Steel: The continuous pressure of falling nickel prices has dragged down the spot price of stainless steel, but the transaction price in the scrap market has remained firm, and the buyer's underpricing and reluctance to sell goods have formed a stalemate, and the lack of supply has supported the price to resist falling. Under the background of macro weakening, the price of nickel is under pressure, and the seasonal demand of stainless steel is weakened, and the overall market is weak. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market fell again, mainly due to the market decline. Yunnan's power supply is sufficient to boost the capacity load, and aluminum ingots may enter the stage of continuous accumulation. However, the current high aluminum price and off-season effect are superimposed to curb consumer demand, or continue to put pressure on aluminum prices. At present, aluminum holders continue to make profits by shipping at a high discount, but aluminum enterprises are cautious in receiving goods and mainly purchase on demand.
Zinc: The decline of the copper market has suppressed the trading popularity of the zinc market, and the price of zinc has fallen. Middlemen and traders are worried about the trend of the zinc market in the future. There are not many large purchases, and the goods are shipped at a high price. The purchasing intention of zinc manufacturers is not strong. Most of them maintain on-demand procurement, and the overall market transaction slows down. The market risk has accumulated a lot, and it may have entered the downward channel at present, so it is not appropriate to blindly chase after it.
Stainless Steel: The continuous pressure of falling nickel prices has dragged down the spot price of stainless steel, but the transaction price in the scrap market has remained firm, and the buyer's underpricing and reluctance to sell goods have formed a stalemate, and the lack of supply has supported the price to resist falling. Under the background of macro weakening, the price of nickel is under pressure, and the seasonal demand of stainless steel is weakened, and the overall market is weak. ( Analyzed by LTIT)
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