Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 20
2024-6-20
Copper: Today, the spot copper price in Foshan market has risen in an all-round way, and the market trading confidence has picked up. The shortage of US dollar supply supported the steady rise of copper prices, stimulated bullish expectations in the metal market, which was significantly beneficial to copper prices. Copper prices in SHFE and LME further rebounded, with LME copper weighing above $9,800 and SHFE copper hitting a high of 79,980 yuan, driving the spot copper price to rise actively. For the sharp rebound of copper prices in the off-season, the cautious strategy of purchasing on demand is still maintained in market transactions. The current off-season demand state and the sufficient supply of copper are still superimposed in the high price range, which limits the acceptance of traders and is easy to form short-term profit margins. It is expected that short-term copper will fluctuate before the end of the season, but the directional downward pressure will still exist.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, the trading of aluminum market improved, and the purchasing power of users increased slightly. However, Guangdong's large discount shows that factors such as off-season and real estate continue to affect the consumption power. The market is still worried about the risks brought by the seasonal pressure of the metal market. It is expected that aluminum will rebound in short-term profits after falling, but the space will not be too big.
Zinc: The rebound of SHFE zinc is weak, and the wait-and-see atmosphere of market merchants is dominant. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and their purchasing enthusiasm is not high. The market transactions have not changed much from yesterday.
Stainless Steel: After a long decline, SHFE nickel and stainless steel futures rose, the spot market took advantage of the situation, steel strip trading improved, the volume and price rose together, the mood in the waste industry improved, the enthusiasm of manufacturers to buy and buy increased, and the receiving price was generally raised with the trend, which stimulated the circulation of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, the trading of aluminum market improved, and the purchasing power of users increased slightly. However, Guangdong's large discount shows that factors such as off-season and real estate continue to affect the consumption power. The market is still worried about the risks brought by the seasonal pressure of the metal market. It is expected that aluminum will rebound in short-term profits after falling, but the space will not be too big.
Zinc: The rebound of SHFE zinc is weak, and the wait-and-see atmosphere of market merchants is dominant. Traders are more cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the price of zinc in the after-market, and their purchasing enthusiasm is not high. The market transactions have not changed much from yesterday.
Stainless Steel: After a long decline, SHFE nickel and stainless steel futures rose, the spot market took advantage of the situation, steel strip trading improved, the volume and price rose together, the mood in the waste industry improved, the enthusiasm of manufacturers to buy and buy increased, and the receiving price was generally raised with the trend, which stimulated the circulation of goods. (Analyzed by LTIT)
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