Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 26
2024-6-26
Copper: Today, the spot copper price in Foshan market fell across the board, and the market transactions continued to be cautious. The macro market is full of pessimism. Superimposed with Federal Reserve official Bowman's reaffirmation of hawkish stance, the US dollar and US debt rallied strongly, and at the same time triggered a large number of selling in the market, which had a significant impact on the metal market. The copper price was hit hard again, and LME copper suffered a four-day losing streak after a short rebound, hitting an intraday low of $9,515, and the traders were worried about whether $9,500 would be broken; The main contract of SHFE copper fell to 77,540 yuan, and the spot copper price fell under pressure. 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 purchase on demand or wait and see carefully. At present, the long and short differences in the copper market are still strong, and the expectation of copper price trend in the after-market is still repeated.
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 were 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: The downward trend of copper price has suppressed the rising pace of zinc price, and traders are cautious about the trend of zinc. Even if the price of zinc falls back, the purchasing enthusiasm of downstream zinc manufacturers will not be greatly improved, and the demand procurement is basically maintained, and the overall market transaction is weak. Zinc is slightly firm, and zinc prices are expected to fluctuate widely in the short term.
Stainless Steel: Nickel price has been falling continuously. LME nickel has fallen to the low level in early April, approaching the $17,000 mark. At present, the nickel price is firm, and the logic of cost support is gradually realized. It is estimated that the kinetic energy of nickel price continues to decline, and the after-market turns into a range shock. Stainless steel is suppressed by the fall of nickel price, and the market is easy to fall and difficult to rise, and the market's price is weakened. (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 were 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: The downward trend of copper price has suppressed the rising pace of zinc price, and traders are cautious about the trend of zinc. Even if the price of zinc falls back, the purchasing enthusiasm of downstream zinc manufacturers will not be greatly improved, and the demand procurement is basically maintained, and the overall market transaction is weak. Zinc is slightly firm, and zinc prices are expected to fluctuate widely in the short term.
Stainless Steel: Nickel price has been falling continuously. LME nickel has fallen to the low level in early April, approaching the $17,000 mark. At present, the nickel price is firm, and the logic of cost support is gradually realized. It is estimated that the kinetic energy of nickel price continues to decline, and the after-market turns into a range shock. Stainless steel is suppressed by the fall of nickel price, and the market is easy to fall and difficult to rise, and the market's price is weakened. (Analyzed by LTIT)
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