Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 6
2024-5-6
Copper: The spot copper price in Foshan market has dropped slightly today, but the bullish position of the market has not changed. Many traders expect that the copper price will continue its upward trend, and this round of rally will last at least until the end of May. The external copper price dropped slightly during the Labor Day, mainly due to the profit-taking of overseas long-term funds, but the decline was limited, and it is now maintained at around 10,000 US dollars. Despite the bullish sentiment in the market, it is an indisputable fact that high copper prices have actually suppressed the demand for copper. Copper prices soared wildly before the holiday, and the high cost and high risk caused the enthusiasm of downstream buyers to be greatly frustrated. Most copper enterprises reported that the order volume was obviously weakened. During the festival, buyers took the opportunity to lower the price, but traders did not accept it. At present, traders are paying close attention to the downstream replenishment of inventory after the holiday.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is slightly better than other metals. Despite this, the high aluminum price in April has put obvious pressure on the downstream industries, the spot discount continues, the rate of aluminum ingots going to the warehouse is less than expected, and the downstream buying is sluggish. These factors all make SHFE aluminum prices face greater upward pressure. At present, the aluminum market is still dominated by on-demand procurement.
Zinc: After the holiday, the price of zinc was adjusted. SHFE zinc opened lower and went higher, and the goods were shipped normally by the cargo holders. The downstream manufacturers maintained a more cautious attitude. Before the holiday, there was a general shortage of materials, and some manufacturers with rigid demand were more active in purchasing when prices fell, and their enthusiasm for spot trading was insufficient. The high level of gold has dropped by more than 100 US dollars to prevent the zinc price from peaking, and it is not appropriate to chase after the short-term cautious bullish.
Stainless Steel: The opening performance of stainless steel futures was tough, and the price of steel strip in the spot market was firm, which once again tested the demand acceptance ability at the beginning of the month; In addition, waste trading is step by step, and manufacturers in the industry generally receive goods at a stable price. Recently, rainy weather frequently affects the circulation of goods. At present, under the influence of macro environment and news, it is expected that nickel and stainless steel will continue to fluctuate at a high level. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is slightly better than other metals. Despite this, the high aluminum price in April has put obvious pressure on the downstream industries, the spot discount continues, the rate of aluminum ingots going to the warehouse is less than expected, and the downstream buying is sluggish. These factors all make SHFE aluminum prices face greater upward pressure. At present, the aluminum market is still dominated by on-demand procurement.
Zinc: After the holiday, the price of zinc was adjusted. SHFE zinc opened lower and went higher, and the goods were shipped normally by the cargo holders. The downstream manufacturers maintained a more cautious attitude. Before the holiday, there was a general shortage of materials, and some manufacturers with rigid demand were more active in purchasing when prices fell, and their enthusiasm for spot trading was insufficient. The high level of gold has dropped by more than 100 US dollars to prevent the zinc price from peaking, and it is not appropriate to chase after the short-term cautious bullish.
Stainless Steel: The opening performance of stainless steel futures was tough, and the price of steel strip in the spot market was firm, which once again tested the demand acceptance ability at the beginning of the month; In addition, waste trading is step by step, and manufacturers in the industry generally receive goods at a stable price. Recently, rainy weather frequently affects the circulation of goods. At present, under the influence of macro environment and news, it is expected that nickel and stainless steel will continue to fluctuate at a high level. (Analyzed by LTIT)
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