Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 25
2024-4-25
Copper: The spot copper price in Foshan market has not changed much today, and some varieties still fell slightly, which did not follow the rebound of copper futures. It can be seen that the sluggish terminal demand suppressed the trend of spot copper price. The probability of the Federal Reserve's interest rate cut in September increased to boost metal prices, market risk sentiment and metal demand prospects improved, copper futures fluctuated and rebounded, and the main SHFE copper contract returned to above 79,000 yuan. However, after the correction of the high copper price, the differences in the copper market have obviously increased, and there is a strong wait-and-see mood 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 traders also said that this round of copper price increase has accumulated huge gains, and the decline of this wave of correction market is very limited, or there is still room for correction.
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded, but sufficient market supply still suppressed the future aluminum price trend. Although the social inventory of aluminum ingots has declined slightly, the process of destocking appears to be relatively slow. The downstream consumer market is relatively cautious in the face of high prices, which further affects the rate of inventory destocking, thus inhibiting the rise of aluminum prices to some extent.
Zinc: The price of zinc fluctuated within a narrow range at a high level. In the first half of April, the price of zinc was greatly increased and followed by the basic metal collective. At present, zinc lacks clear direction guidance, which has dampened the enthusiasm of market transactions. Downstream manufacturers purchase on a bargain-hunting basis, and today's overall market transactions have turned slack. The problem of tight mineral resources has not been effectively solved, the geopolitical situation and the international situation are unstable, and the general direction is still bullish.
Stainless Steel: The decline of LME nickel slowed down, domestic SHFE nickel and stainless steel futures stopped falling and rebounded with the momentum, and the spot market made another effort after a short correction. The preferential price of steel strip was revoked, the positive trading atmosphere reappeared in the scrap industry, the inquiry and replenishment of manufacturers were active, and the purchase price was generally raised. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded, but sufficient market supply still suppressed the future aluminum price trend. Although the social inventory of aluminum ingots has declined slightly, the process of destocking appears to be relatively slow. The downstream consumer market is relatively cautious in the face of high prices, which further affects the rate of inventory destocking, thus inhibiting the rise of aluminum prices to some extent.
Zinc: The price of zinc fluctuated within a narrow range at a high level. In the first half of April, the price of zinc was greatly increased and followed by the basic metal collective. At present, zinc lacks clear direction guidance, which has dampened the enthusiasm of market transactions. Downstream manufacturers purchase on a bargain-hunting basis, and today's overall market transactions have turned slack. The problem of tight mineral resources has not been effectively solved, the geopolitical situation and the international situation are unstable, and the general direction is still bullish.
Stainless Steel: The decline of LME nickel slowed down, domestic SHFE nickel and stainless steel futures stopped falling and rebounded with the momentum, and the spot market made another effort after a short correction. The preferential price of steel strip was revoked, the positive trading atmosphere reappeared in the scrap industry, the inquiry and replenishment of manufacturers were active, and the purchase price was generally raised. (Analyzed by LTIT)
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