Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 13
2024-6-13
Copper: The spot copper price in Foshan market fell slightly today, and the market trading is still cautious. Short-term copper prices continued to fluctuate weakly. After a brief rebound yesterday, the decline again today. At present, the price fluctuated around $9,800, while SHFE copper fluctuated below $80,000, waiting for an opportunity to sprint the 80,000 mark again. The current high inventory level also reflects the weakness of terminal consumption desire, and the spot demand for copper has fallen into a relatively weak state. More processing enterprises began to cut down their operation scale after the sharp price increase, which is an unfavorable signal for copper market consumption, thus limiting the rising space of copper prices. In the short term, due to the influence of high inventory and weak terminal consumption, the rise of copper prices may be restrained to some extent.
Aluminum: Today, the price of aluminum in Foshan market is under pressure, and the traders are concerned about whether SHFE aluminum can hold the first line of 20,500 yuan. In the off-season of traditional consumption, most of the manufacturers hold a bearish attitude, and the operation of chasing down with aluminum factories and enterprises is obvious, and aluminum ingots in Guangdong are still sold in a large discount; In the short term, the fundamentals are not driven by obvious positive factors, and the spot aluminum price may continue to show a weak shock trend.
Zinc: Today, the rebound of zinc price in Foshan market is weak, the market atmosphere turns to wait-and-see, middlemen carefully purchase goods according to orders, and downstream manufacturers are worried about the zinc price in the after-market, mainly by waiting-and-see, with low purchasing enthusiasm and weak market transactions. There may be a slight rebound in the short term, but it is expected that the overall trend will still be downward.
Stainless Steel: Both nickel and stainless steel fell, futures fell below the 14,000 yuan mark, the confidence in the spot market was further damaged, and the atmosphere of falling prices gradually expanded. Scrap manufacturers followed suit, and their reluctance to sell began to loosen, and the pace of shipment transactions accelerated and prices continued to fall. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is under pressure, and the traders are concerned about whether SHFE aluminum can hold the first line of 20,500 yuan. In the off-season of traditional consumption, most of the manufacturers hold a bearish attitude, and the operation of chasing down with aluminum factories and enterprises is obvious, and aluminum ingots in Guangdong are still sold in a large discount; In the short term, the fundamentals are not driven by obvious positive factors, and the spot aluminum price may continue to show a weak shock trend.
Zinc: Today, the rebound of zinc price in Foshan market is weak, the market atmosphere turns to wait-and-see, middlemen carefully purchase goods according to orders, and downstream manufacturers are worried about the zinc price in the after-market, mainly by waiting-and-see, with low purchasing enthusiasm and weak market transactions. There may be a slight rebound in the short term, but it is expected that the overall trend will still be downward.
Stainless Steel: Both nickel and stainless steel fell, futures fell below the 14,000 yuan mark, the confidence in the spot market was further damaged, and the atmosphere of falling prices gradually expanded. Scrap manufacturers followed suit, and their reluctance to sell began to loosen, and the pace of shipment transactions accelerated and prices continued to fall. (Analyzed by LTIT)
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