Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 30
2024-4-30
Copper: Today, the spot copper price in Foshan market continues to rise sharply. Before the May Day holiday, the copper cattle completely reveled, and the main contract of SHFE copper rose to 82,330 yuan. Since April, it has accumulated to 9,490 yuan (13%), and it has accumulated to 13,100 yuan during the year, with an increase of more than 19%. Under this wave of soaring market, copper factories and enterprises basically maintain the single operation or wait-and-see situation, and the goods-holders mainly profit from shipping, while electrolytic copper maintains the discount state; The new policy of "reverse invoice" implemented after May also led to copper factories and enterprises pushing down the price and delegating the increased cost to the raw material industry to guard against risks. However, the huge position in the copper futures market also indicates that the capital game has not been completed. Where will the copper price go after the May Day holiday? Can the first $10,500 seen by big investment banks reach?
Aluminum: Today, the aluminum price in Foshan market took the lead in callback, but it did not follow the soaring copper price, creating opportunities for preparing materials before the holiday. In the future, the situation that aluminum is strong outside and weak inside continues to give some confidence to the market, and then it will be superimposed by a wide range of bad gas coming from all over the country. The social inventory of aluminum in the country will fall slightly below 800,000 tons (790,200 tons). There may be fluctuation risks during the May Day holiday, so traders still need to be vigilant.
Zinc: The price of zinc continues to rise, and the goods-holders follow the market. Most traders and middlemen who receive goods in the market remain cautious. Manufacturers are relatively cautious and purchase with rigid demands, and the actual transaction of zinc ingots is deserted.
Stainless Steel: The spot market of stainless steel is full of fatigue before the holiday, and the market is in a still state. Scrap stainless steel "reverse invoicing" was implemented, and the market is still hotly debated. With the stabilization of nickel and stainless steel market, the atmosphere of transaction underpricing has eased, recycling manufacturers are rushing to pay bills, the enthusiasm for receiving goods has risen again, and the transaction price has rallied slightly. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market took the lead in callback, but it did not follow the soaring copper price, creating opportunities for preparing materials before the holiday. In the future, the situation that aluminum is strong outside and weak inside continues to give some confidence to the market, and then it will be superimposed by a wide range of bad gas coming from all over the country. The social inventory of aluminum in the country will fall slightly below 800,000 tons (790,200 tons). There may be fluctuation risks during the May Day holiday, so traders still need to be vigilant.
Zinc: The price of zinc continues to rise, and the goods-holders follow the market. Most traders and middlemen who receive goods in the market remain cautious. Manufacturers are relatively cautious and purchase with rigid demands, and the actual transaction of zinc ingots is deserted.
Stainless Steel: The spot market of stainless steel is full of fatigue before the holiday, and the market is in a still state. Scrap stainless steel "reverse invoicing" was implemented, and the market is still hotly debated. With the stabilization of nickel and stainless steel market, the atmosphere of transaction underpricing has eased, recycling manufacturers are rushing to pay bills, the enthusiasm for receiving goods has risen again, and the transaction price has rallied slightly. (Analyzed by LTIT)
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