Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 14
2024-6-14
Copper: The spot copper price in Foshan market is stable today, and the overall trend remains weak and volatile. The main contract of SHFE copper has fallen by nearly 10,000 yuan per ton since the historical high of 88,940 yuan/ton set on May 20, and the risk has been released to some extent. It is generally expected that the space for copper prices to continue to fall in the short term will be limited. The high copper price correction stimulated the emergence of some demand, and some merchants replenished their products at the bottom according to their own needs. The electrolytic copper inventory in Guangdong showed a slight decline. However, on the whole, the copper price is still at a high level. Considering the weakening demand in the off-season, the purchase volume of copper manufacturers is still limited, and most of them are based on demand. At present, the external market sentiment is complex and changeable, and copper prices may continue to fluctuate.
Aluminum: Today, the price of aluminum in Foshan market is under further 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 manufacturers hold a bearish attitude. In the Guangdong market, aluminum continues to be traded at a discount, and the holders have a positive shipping attitude. Aluminum manufacturers choose to buy aluminum after the continuous decline in aluminum prices, and the national aluminum social inventory changes at a level of not about 780,000 tons.
Zinc: Today, the trend of zinc market in Foshan market is weak, and the downstream manufacturers are obviously timid and wait-and-see. Most of them are mainly based on inquiry, and manufacturers with rigid demand only buy in small quantities, so the overall market transaction is difficult to increase. The Federal Reserve has drastically cut its interest rate cut expectations, and the market demand is not good. It is expected that the overall trend will remain downward.
Stainless Steel: Domestic SHFE nickel and stainless steel futures continued to decline, and the demand in the off-season weakened and fell under the pressure of falling prices. The spot market actively shipped goods to reduce pressure, and the scrap trading continued to be affected by the reduction of the purchase price of molten steel by large steel mills, and the market transaction price fell again and again. The price center of gravity of nickel and stainless steel has obviously moved down, and the after-market is weak and volatile. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is under further 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 manufacturers hold a bearish attitude. In the Guangdong market, aluminum continues to be traded at a discount, and the holders have a positive shipping attitude. Aluminum manufacturers choose to buy aluminum after the continuous decline in aluminum prices, and the national aluminum social inventory changes at a level of not about 780,000 tons.
Zinc: Today, the trend of zinc market in Foshan market is weak, and the downstream manufacturers are obviously timid and wait-and-see. Most of them are mainly based on inquiry, and manufacturers with rigid demand only buy in small quantities, so the overall market transaction is difficult to increase. The Federal Reserve has drastically cut its interest rate cut expectations, and the market demand is not good. It is expected that the overall trend will remain downward.
Stainless Steel: Domestic SHFE nickel and stainless steel futures continued to decline, and the demand in the off-season weakened and fell under the pressure of falling prices. The spot market actively shipped goods to reduce pressure, and the scrap trading continued to be affected by the reduction of the purchase price of molten steel by large steel mills, and the market transaction price fell again and again. The price center of gravity of nickel and stainless steel has obviously moved down, and the after-market is weak and volatile. (Analyzed by LTIT)
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