Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 19
2024-4-19
Copper: The spot copper price in Foshan market rose further today. However, as the increase of copper futures narrowed obviously, the market was worried that this was a signal that copper prices were going to be adjusted back at a high level. Therefore, it was very cautious in operation and mainly waited and saw. This morning, LME copper continued to rise strongly, hitting an intraday high of $9,843, a new high since April 2022, while SHFE copper hit a new high of $79,840, a new high since May 2006. At present, many traders are still bullish on the future copper price, and believe that the bull market of copper price may have started, and the future price center of gravity is expected to break through the 80,000 mark. However, high copper prices also mean high risks. After the copper prices have risen sharply one after another, the operating costs of copper producers have greatly increased, and the demand for orders has been suppressed. The market has a strong wait-and-see and profit-making mentality.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the rise of spot aluminum price was weakened by the fall of SHFE aluminum, and the market cautious mood warmed up. Compared with the crazy rise of copper and nickel in recent days, the trend of aluminum price is relatively conservative this week, the price remains high and fluctuates, and the overall change is not big. Most aluminum manufacturers purchase single goods or prepare a small amount of materials, and traders are worried that the short-term aluminum price will have profit pressure.
Zinc: Compared with other metal varieties, zinc is relatively weak, the market trading atmosphere tends to be dull, and the follow-up motivation of zinc rise is insufficient, which affects the confidence of traders and manufacturers in purchasing goods to a certain extent, and the market transaction is average. The geopolitical situation between Iran and Israel has escalated again, driven by soaring copper sentiment. If the geopolitical situation no longer worsens, the price of zinc needs to be higher.
Stainless Steel: LME nickel followed the agitation of non-ferrous metals and continued to rise strongly, at the same time driving the domestic market to rise, SHFE nickel approached 140,000 again, and stainless steel futures rose to a new high after the year. However, at present, the spot market is relatively cautious, and the downstream acceptance capacity of steel strip is insufficient after the price increase, and the scrap trading dare not rush to chase high, paying attention to the market lacking demand support. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the rise of spot aluminum price was weakened by the fall of SHFE aluminum, and the market cautious mood warmed up. Compared with the crazy rise of copper and nickel in recent days, the trend of aluminum price is relatively conservative this week, the price remains high and fluctuates, and the overall change is not big. Most aluminum manufacturers purchase single goods or prepare a small amount of materials, and traders are worried that the short-term aluminum price will have profit pressure.
Zinc: Compared with other metal varieties, zinc is relatively weak, the market trading atmosphere tends to be dull, and the follow-up motivation of zinc rise is insufficient, which affects the confidence of traders and manufacturers in purchasing goods to a certain extent, and the market transaction is average. The geopolitical situation between Iran and Israel has escalated again, driven by soaring copper sentiment. If the geopolitical situation no longer worsens, the price of zinc needs to be higher.
Stainless Steel: LME nickel followed the agitation of non-ferrous metals and continued to rise strongly, at the same time driving the domestic market to rise, SHFE nickel approached 140,000 again, and stainless steel futures rose to a new high after the year. However, at present, the spot market is relatively cautious, and the downstream acceptance capacity of steel strip is insufficient after the price increase, and the scrap trading dare not rush to chase high, paying attention to the market lacking demand support. (Analyzed by LTIT)
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