Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 24
2024-4-24
Copper: The spot copper price in Foshan market rose slightly today, but the trading sentiment in the market is still cautious. After the copper price fell back, the market differences increased obviously, and there was a constant dispute about whether to buy opportunities or risks. Some traders believe that the risk is released after the high copper price correction, which can be regarded as a buying opportunity. However, many operators also said that this round of copper price increase has accumulated huge gains, and this round of adjustment is relatively limited, or there is still room for correction. Analysts believe that the current decline in copper prices is the result of the game between fundamentals and market sentiment. Under the background of the withdrawal of speculative funds and the intensification of hedging activities of manufacturers, the fluctuation of copper prices may further increase. At present, the trading activity of recycled copper market has increased, but the discount of electrolytic copper has expanded.
Aluminum: Today, the price of aluminum in Foshan market further fell, and the main contract of SHFE aluminum once fell below the 20,000 yuan mark, which put pressure on the current aluminum market. At present, the spot demand is weak and difficult to change. The contraction of manufacturing industry has reduced the demand for aluminum in downstream enterprises, while traders and end traders generally hold a wait-and-see attitude and are not willing to purchase. The contradiction between supply and demand in the aluminum market has intensified, and short-term aluminum prices are difficult to support.
Zinc: Today, the price of zinc in Foshan market has rebounded, which has stimulated the enthusiasm of market procurement to heat up. Downstream manufacturers have entered the market on dips to replenish their stocks. Recently, the news has dominated the market. The unstable price of zinc has made the procurement still cautious, with few purchases and good overall market transactions. The geopolitical situation and the international situation are unstable. Pay attention to the direction of gold, and the overall direction is still bullish.
Stainless Steel: SHFE nickel and stainless steel futures rebounded weakly, the price of steel strip was obviously adjusted back to pressure, and the scrap was also suppressed by the reduction of steel water price by large steel mills. The industry is cautious and wait-and-see, manufacturers are conservative in buying and selling, and they are reluctant to sell. At present, the bargaining between buyers and sellers is deadlocked and the market is temporarily stable. The price of nickel has risen and fallen, but it is still a high-cost support for stainless steel. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market further fell, and the main contract of SHFE aluminum once fell below the 20,000 yuan mark, which put pressure on the current aluminum market. At present, the spot demand is weak and difficult to change. The contraction of manufacturing industry has reduced the demand for aluminum in downstream enterprises, while traders and end traders generally hold a wait-and-see attitude and are not willing to purchase. The contradiction between supply and demand in the aluminum market has intensified, and short-term aluminum prices are difficult to support.
Zinc: Today, the price of zinc in Foshan market has rebounded, which has stimulated the enthusiasm of market procurement to heat up. Downstream manufacturers have entered the market on dips to replenish their stocks. Recently, the news has dominated the market. The unstable price of zinc has made the procurement still cautious, with few purchases and good overall market transactions. The geopolitical situation and the international situation are unstable. Pay attention to the direction of gold, and the overall direction is still bullish.
Stainless Steel: SHFE nickel and stainless steel futures rebounded weakly, the price of steel strip was obviously adjusted back to pressure, and the scrap was also suppressed by the reduction of steel water price by large steel mills. The industry is cautious and wait-and-see, manufacturers are conservative in buying and selling, and they are reluctant to sell. At present, the bargaining between buyers and sellers is deadlocked and the market is temporarily stable. The price of nickel has risen and fallen, but it is still a high-cost support for stainless steel. (Analyzed by LTIT)
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