Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 11
2024-6-11
Copper: Today, the spot copper price in Foshan market reappeared sharply. Due to the recent multiple negative pressures such as the strong US dollar, weak demand and the expected cooling of the Fed's interest rate cut, the copper price in the external market suffered heavy losses. After the Dragon Boat Festival, the domestic market made up for the decline, and the market caution continued to heat up. According to market analysis, in a short period of time, the market will be more enthusiastic to cool down, and the copper price center will tend to move down. However, the expectation of interest rate cuts in the United States will swing or the price will be repeated, and it is less likely that copper prices will fall sharply. After the short-term decline of copper price, the purchase cost has obviously moved down, and the enthusiasm of downstream copper enterprises to get goods has increased, but most businesses are still mainly purchasing on demand. At present, the price of recycled copper is firm because of tight supply, and the price difference between refined copper and waste copper is further narrowed.
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and the weak demand in off-season continues to increase the pressure on the aluminum market. Many factories and enterprises report that the weak orders in the off-season and the sharp rise in the previous price make them cautious, and they will only choose to buy when the price is high. The current aluminum price range is still risky in the off-season in June, and the next test position of SHFE aluminum is expected to be 20,500 yuan.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the shipments of cargo holders have slowed down. Downstream manufacturers have maintained a more cautious attitude. Some manufacturers with rigid demand are more active in purchasing when prices fall, and spot transactions have increased significantly.
Stainless Steel: LME nickel continued to revise downward and approached the $18,000 mark. After the holiday, domestic SHFE nickel followed a sharp decline, stainless steel futures continued to pull back under pressure, spot steel strip gradually adapted to the low-price trading atmosphere, and the price maintained a slight downward trend. The scrap market is struggling to support, and large-scale traders take the lead in keeping prices down. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen sharply, and the weak demand in off-season continues to increase the pressure on the aluminum market. Many factories and enterprises report that the weak orders in the off-season and the sharp rise in the previous price make them cautious, and they will only choose to buy when the price is high. The current aluminum price range is still risky in the off-season in June, and the next test position of SHFE aluminum is expected to be 20,500 yuan.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the shipments of cargo holders have slowed down. Downstream manufacturers have maintained a more cautious attitude. Some manufacturers with rigid demand are more active in purchasing when prices fall, and spot transactions have increased significantly.
Stainless Steel: LME nickel continued to revise downward and approached the $18,000 mark. After the holiday, domestic SHFE nickel followed a sharp decline, stainless steel futures continued to pull back under pressure, spot steel strip gradually adapted to the low-price trading atmosphere, and the price maintained a slight downward trend. The scrap market is struggling to support, and large-scale traders take the lead in keeping prices down. (Analyzed by LTIT)
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