Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 6
2024-6-6
Copper: Spot copper prices in Foshan market stopped falling and rebounded today. At present, LME copper is in fierce competition around $10,000, and SHFE copper's first-line support of 80,000 yuan is still strong, and many traders are still optimistic about the short-term copper price trend. After the high copper price was adjusted back, the risk was released to some extent. Some merchants slightly increased the purchase volume of electrolytic copper, and the increase rate of inventory slowed down, and the current copper discount in Guangdong continued to narrow. However, at present, the copper market is in the off-season of traditional consumption, the growth of new terminal orders is weak, enterprises generally hold a wait-and-see attitude, and purchasing sentiment is generally cautious. At present, 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. It is expected that the short-term copper price will fluctuate at a high level.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Entering the off-season of traditional demand in June, in the face of the situation that the price of aluminum fluctuates and falls, most aluminum manufacturers buy when the price falls and sell when the price rises. The goods-holders take advantage of the rallies, but the downstream manufacturers are still cautious in purchasing, and most of them purchase on demand. Yunnan's power supply is sufficient to boost the capacity load, and aluminum ingots may enter the stage of continuous accumulation, or continue to put pressure on aluminum prices.
Zinc: The rebound of SHFE zinc is weak, and the wait-and-see atmosphere of market merchants is dominant. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and their purchasing enthusiasm is not high. The market transactions have not changed much from yesterday.
Stainless Steel: LME nickel dipped and rebounded, and the rebound market was on the verge. Domestic SHFE nickel and stainless steel futures continue to adjust the pace, and the spot market is getting lower and the intervention is ready to move. Large manufacturers in the scrap industry take the lead in purchasing at a lower price, but they are reluctant to give in, making it difficult to clinch a deal at a low price. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Entering the off-season of traditional demand in June, in the face of the situation that the price of aluminum fluctuates and falls, most aluminum manufacturers buy when the price falls and sell when the price rises. The goods-holders take advantage of the rallies, but the downstream manufacturers are still cautious in purchasing, and most of them purchase on demand. Yunnan's power supply is sufficient to boost the capacity load, and aluminum ingots may enter the stage of continuous accumulation, or continue to put pressure on aluminum prices.
Zinc: The rebound of SHFE zinc is weak, and the wait-and-see atmosphere of market merchants is dominant. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and their purchasing enthusiasm is not high. The market transactions have not changed much from yesterday.
Stainless Steel: LME nickel dipped and rebounded, and the rebound market was on the verge. Domestic SHFE nickel and stainless steel futures continue to adjust the pace, and the spot market is getting lower and the intervention is ready to move. Large manufacturers in the scrap industry take the lead in purchasing at a lower price, but they are reluctant to give in, making it difficult to clinch a deal at a low price. (Analyzed by LTIT)
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