Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 25
2024-6-25
Copper: Today, the spot copper price in Foshan market stopped falling and rebounded, and the price rose slightly. At present, the copper market is still in the off-season, and the demand for metals in China continues to be sluggish. Most copper manufacturers mainly purchase on demand or wait and see cautiously. In addition, LME's copper inventory continues to grow, which has formed obvious rebound pressure on copper prices, resulting in the trend of intraday copper prices being more volatile. However, after the high callback of copper price in recent January, the risk was released to some extent, which attracted some merchants to buy on dips and provided some support for copper price. At present, the long and short differences in the copper market are still strong, and it is about to enter July. Is there still a chance for the copper market to usher in a "war of turning over"? The traders are worried that the off-season effect and the return of quarterly settlement funds will continue to put pressure on the copper market, and the increase may be limited.
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the weak real estate in the off-season of consumption has constantly put pressure on the aluminum market. The traders are concerned about the first-line support of aluminum price of 20,000 yuan. At present, the consumption of aluminum market is in the off-season, coupled with the pressure of tight capital in the quarter, aluminum manufacturers are obviously cautious in purchasing goods, and mainly purchase on demand. Generally, manufacturers will replenish goods in moderation after continuous price decline, and the transaction is weak.
Zinc: Today, the trend of zinc price in Foshan market is weakening, and the enthusiasm of traders to enter the market is generally not high. The downstream is empty-minded about the after-market, and the bargain-hunting inquiry is positive, and the procurement is still limited. More on-demand procurement is maintained, and the overall transaction is slightly light.
Stainless Steel: The price of nickel held at the 17,000 mark to stop falling and rebound, and the decline in the stainless steel market slowed down. In the off-season, the spot supply and demand were weak, but all negative factors put pressure on the price, and the waste was passive. Buyers bought in stocks at lower points, and the market was easy to fall and difficult to rise. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further dropped, and the weak real estate in the off-season of consumption has constantly put pressure on the aluminum market. The traders are concerned about the first-line support of aluminum price of 20,000 yuan. At present, the consumption of aluminum market is in the off-season, coupled with the pressure of tight capital in the quarter, aluminum manufacturers are obviously cautious in purchasing goods, and mainly purchase on demand. Generally, manufacturers will replenish goods in moderation after continuous price decline, and the transaction is weak.
Zinc: Today, the trend of zinc price in Foshan market is weakening, and the enthusiasm of traders to enter the market is generally not high. The downstream is empty-minded about the after-market, and the bargain-hunting inquiry is positive, and the procurement is still limited. More on-demand procurement is maintained, and the overall transaction is slightly light.
Stainless Steel: The price of nickel held at the 17,000 mark to stop falling and rebound, and the decline in the stainless steel market slowed down. In the off-season, the spot supply and demand were weak, but all negative factors put pressure on the price, and the waste was passive. Buyers bought in stocks at lower points, and the market was easy to fall and difficult to rise. (Analyzed by LTIT)
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