Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 18
2024-6-18
Copper: Today, the spot copper price in Foshan market is stable, and the price shows signs of stopping falling, but the market confidence has not recovered. Since late May, copper futures prices have fallen successively. In less than a month, the main contract of SHFE copper dropped from the highest price of 88,940 yuan/ton on May 20th to the lowest price of 77,890 yuan/ton last night, a drop of 12.4%. Although the current copper price has accumulated a huge decline and the risk has been released to some extent, with the deepening of the off-season of consumption, manufacturers and traders generally report that orders are weak and purchases are still based on demand. Factors such as short-term inventory increase, weak demand and strong dollar will continue to put pressure on the copper market. Some traders are worried that the overall trend of copper price correction has not ended, and the after-market is cautious about the rally trend
Aluminum: Today, the price of aluminum in Foshan market is rising steadily, and the traders are concerned about whether the short-term SHFE aluminum 20,000 mark can be held. As the demand entered the off-season in June, the upward momentum of aluminum prices gradually weakened. At the same time, the social inventory of aluminum ingots has also continued to grow, which has put some downward pressure on aluminum prices. The traders expect that aluminum prices may continue to fall in the short term, but there is little room for further decline.
Zinc: Today, the price of zinc in Foshan market has rebounded slightly, and the trend is still weak. The wait-and-see atmosphere in the market is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains the current level of operation. Downstream manufacturers have doubts about the rebound of zinc prices in the after-market, and most of them are not motivated to wait and see. The overall market turnover has not changed much from yesterday.
Stainless Steel: The decline of nickel price shows signs of slowing down. Stainless steel futures began to rise after delivery, and the spot market is still waiting for the acceptance of low prices by demand. At present, the confidence in buying at a low price in the downstream is still insufficient, and the scrap industry maintains a low-price trading atmosphere, with a strong wait-and-see attitude, and the market has stopped falling and stabilized. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is rising steadily, and the traders are concerned about whether the short-term SHFE aluminum 20,000 mark can be held. As the demand entered the off-season in June, the upward momentum of aluminum prices gradually weakened. At the same time, the social inventory of aluminum ingots has also continued to grow, which has put some downward pressure on aluminum prices. The traders expect that aluminum prices may continue to fall in the short term, but there is little room for further decline.
Zinc: Today, the price of zinc in Foshan market has rebounded slightly, and the trend is still weak. The wait-and-see atmosphere in the market is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains the current level of operation. Downstream manufacturers have doubts about the rebound of zinc prices in the after-market, and most of them are not motivated to wait and see. The overall market turnover has not changed much from yesterday.
Stainless Steel: The decline of nickel price shows signs of slowing down. Stainless steel futures began to rise after delivery, and the spot market is still waiting for the acceptance of low prices by demand. At present, the confidence in buying at a low price in the downstream is still insufficient, and the scrap industry maintains a low-price trading atmosphere, with a strong wait-and-see attitude, and the market has stopped falling and stabilized. (Analyzed by LTIT)
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