Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 24
2024-4-23
Copper: Today, the spot copper price in Foshan market has dropped sharply across the board, and the cautious mood has warmed up. The market's worries about a broader conflict in the Middle East have subsided, precious metal prices have fallen, and copper prices have also been affected. The main contract of SHFE copper has fallen below 79,000 yuan/ton, and LME copper has retreated below 9,800 US dollars. Now copper is under pressure and has fallen sharply. Since the rapid development of copper price, the discount of electrolytic copper in spot copper market has obviously expanded. Many copper companies and sellers said that after the huge increase of copper price, the operating cost has obviously increased, and the operating risk has soared to an unbearable level, which can be described as difficult. Many traders even choose to clear their positions to guard against risks. At present, the correction of copper prices is conducive to the release of risks, but the bullish sentiment in the market has not subsided, and big banks are still bullish on copper prices.
Aluminum: Today, the price of aluminum in Foshan market turned down, and the cautious mood in the market warmed up. The main contract of SHFE aluminum has now fallen to 20,260 yuan, and the short-term 20,000 yuan mark may be tested again. In the case of sufficient market supply and poor demand in aluminum market, traders have been holding a cautious wait-and-see attitude towards high aluminum prices. Relatively speaking, the external aluminum price is still on the strong side, which may limit the space for domestic aluminum prices to fall.
Zinc: Today, the price of zinc in Foshan market continues to decline. Most traders remain cautious and do not replenish their stocks in large quantities. The downstream manufacturers are more fearful and still mainly purchase on demand, and the market transactions are dull. At present, the destocking of domestic stocks is not obvious. After the spot market maintains a discount, the trading atmosphere continues to be deserted, which has limited support for the current zinc price.
Stainless Steel: Last night, LME nickel surged four times, but the outer fell rapidly this morning, and the domestic market basically fell. Stainless steel futures retreated, the trading atmosphere of spot steel strip cooled, the trading prices of scrap industry fell one after another due to the situation, manufacturers and buyers generally withdrew from high positions, and the pace of supply transactions accelerated. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market turned down, and the cautious mood in the market warmed up. The main contract of SHFE aluminum has now fallen to 20,260 yuan, and the short-term 20,000 yuan mark may be tested again. In the case of sufficient market supply and poor demand in aluminum market, traders have been holding a cautious wait-and-see attitude towards high aluminum prices. Relatively speaking, the external aluminum price is still on the strong side, which may limit the space for domestic aluminum prices to fall.
Zinc: Today, the price of zinc in Foshan market continues to decline. Most traders remain cautious and do not replenish their stocks in large quantities. The downstream manufacturers are more fearful and still mainly purchase on demand, and the market transactions are dull. At present, the destocking of domestic stocks is not obvious. After the spot market maintains a discount, the trading atmosphere continues to be deserted, which has limited support for the current zinc price.
Stainless Steel: Last night, LME nickel surged four times, but the outer fell rapidly this morning, and the domestic market basically fell. Stainless steel futures retreated, the trading atmosphere of spot steel strip cooled, the trading prices of scrap industry fell one after another due to the situation, manufacturers and buyers generally withdrew from high positions, and the pace of supply transactions accelerated. (Analyzed by LTIT)
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