Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 21
2024-6-21
Copper: The spot copper price in Foshan market is stable today, and trading is still cautious. China's loose monetary policy has enhanced market confidence, and the strong rebound of domestic and foreign copper prices has attracted funds to return to the copper market to do more. This week, the copper price fluctuated and rebounded from the stage low, and the main contract of SHFE copper approached the 80,000 yuan mark again. It is generally expected that the short-term copper price is still expected to rise further, but the rebound of copper price is expected to be limited due to the weak demand in the off-season. At present, the copper market is in the off-season of traditional consumption, and copper manufacturers generally report that orders are weak. When the copper price is still high, it is still mainly on-demand procurement. At present, the discount of electrolytic copper is further expanded under the influence of the return of quarterly settlement funds, but the holders of recycled copper continue to be reluctant to sell because of tight supply, and the price is firm.
Aluminum: The price of aluminum in Foshan market dropped slightly while keeping stable today. In terms of cost, the price of alumina rose again, hitting a new high in nearly a week, which provided strong support for the price of aluminum. The downstream consumption situation has also improved, and the inventory of aluminum ingots has continued to decrease. At present, the contradiction between supply and demand in the aluminum market is not significant, and the price of SHFE aluminum is expected to continue to stabilize and show a volatile trend.
Zinc: SHFE zinc opens higher and goes lower, with a strong wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, basically maintaining the existing low-inventory operation, and inquiring about goods only after receiving orders. Downstream manufacturers are afraid of heights, mostly wait and see, and purchase in small quantities with rigid demands, so the market transaction is dull. The market demand is not good, and it is expected that the overall trend will still be downward.
Stainless Steel: The rally of nickel price is weak, the decline of stainless steel futures depresses market confidence, the price increase of spot steel strip is short-lived, and the transaction is once again facing a test. In the off-season, the enthusiasm of steel mills in production and procurement is poor, and the manufacturers in the waste industry mainly purchase on demand, with 304 firm and steady, and 201 continuing to fall. At present, stainless steel continues to maintain a weak shock. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market dropped slightly while keeping stable today. In terms of cost, the price of alumina rose again, hitting a new high in nearly a week, which provided strong support for the price of aluminum. The downstream consumption situation has also improved, and the inventory of aluminum ingots has continued to decrease. At present, the contradiction between supply and demand in the aluminum market is not significant, and the price of SHFE aluminum is expected to continue to stabilize and show a volatile trend.
Zinc: SHFE zinc opens higher and goes lower, with a strong wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, basically maintaining the existing low-inventory operation, and inquiring about goods only after receiving orders. Downstream manufacturers are afraid of heights, mostly wait and see, and purchase in small quantities with rigid demands, so the market transaction is dull. The market demand is not good, and it is expected that the overall trend will still be downward.
Stainless Steel: The rally of nickel price is weak, the decline of stainless steel futures depresses market confidence, the price increase of spot steel strip is short-lived, and the transaction is once again facing a test. In the off-season, the enthusiasm of steel mills in production and procurement is poor, and the manufacturers in the waste industry mainly purchase on demand, with 304 firm and steady, and 201 continuing to fall. At present, stainless steel continues to maintain a weak shock. (Analyzed by LTIT)
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