Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 12
2024-6-12
Copper: The spot copper price in Foshan market is stable today. On the first trading day after the Dragon Boat Festival, SHFE copper fell below the 80,000 yuan mark again, hitting a 7-week low of 79,130 yuan at night yesterday, and then stopped falling and rebounded to above 80,000 yuan. The short-term and long-term competition is fierce, and the copper price may continue to fluctuate in the range. At present, the traders generally showed that the support of the short-term copper price of 80,000 yuan is still strong, and the price decline space is limited. Although the copper price has dropped from a record high, the demand for copper by China manufacturers is still weak, because the current copper price level is still too high for them. At present, domestic spot supply is sufficient and short-term buying interest is weak, consumption is weak, and most traders purchase on demand. Therefore, copper prices may continue to remain weak and volatile in the near future.
Aluminum: Today, the price of aluminum in Foshan market fell steadily. At present, there is a phenomenon of accumulation in domestic aluminum ingot libraries, which puts pressure on aluminum prices. In addition, downstream consumption is restrained by off-season and high prices, and demand performance is weak, further putting pressure on aluminum prices. In the short term, the macro environment is pessimistic and the fundamentals are not driven by obvious positive factors, so the short-term spot aluminum price may continue to show a downward trend.
Zinc: Today, the decline of zinc price in Foshan market has narrowed, traders are still cautious in receiving goods, and they only make inquiries after receiving orders. The downstream manufacturers' desire to replenish goods in the market has increased, the purchasing enthusiasm has increased, and the overall transaction has continued to improve. Concerned about the US inflation data and the results of the Federal Reserve interest rate meeting tonight, there may be a slight rebound in the short term, but it is expected that the overall trend will still be downward.
Stainless Steel: After the continuous decline of nickel price, the risk will be released, and the after-market may continue to fluctuate at a low level. Stainless steel futures are facing the critical threshold of 10,000 units, while the spot market sees light transactions. The price of steel strips is stable on the surface but actually declining, which directly dampens the enthusiasm of steel mills to purchase scrap materials. Large steel mills have reduced the purchase price of molten steel, which may trigger a new round of price suppression in the industry, and prices could fall further. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market fell steadily. At present, there is a phenomenon of accumulation in domestic aluminum ingot libraries, which puts pressure on aluminum prices. In addition, downstream consumption is restrained by off-season and high prices, and demand performance is weak, further putting pressure on aluminum prices. In the short term, the macro environment is pessimistic and the fundamentals are not driven by obvious positive factors, so the short-term spot aluminum price may continue to show a downward trend.
Zinc: Today, the decline of zinc price in Foshan market has narrowed, traders are still cautious in receiving goods, and they only make inquiries after receiving orders. The downstream manufacturers' desire to replenish goods in the market has increased, the purchasing enthusiasm has increased, and the overall transaction has continued to improve. Concerned about the US inflation data and the results of the Federal Reserve interest rate meeting tonight, there may be a slight rebound in the short term, but it is expected that the overall trend will still be downward.
Stainless Steel: After the continuous decline of nickel price, the risk will be released, and the after-market may continue to fluctuate at a low level. Stainless steel futures are facing the critical threshold of 10,000 units, while the spot market sees light transactions. The price of steel strips is stable on the surface but actually declining, which directly dampens the enthusiasm of steel mills to purchase scrap materials. Large steel mills have reduced the purchase price of molten steel, which may trigger a new round of price suppression in the industry, and prices could fall further. (Analyzed by LTIT)
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