Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 19
2024-3-19
Copper: The spot copper price in Foshan market continues to rise today, but the increase has slowed down obviously, and the market is afraid of heights, and the actual transaction is dull. Driven by the rise of US stocks across the board, combined with the recent decline in LME copper inventories, the copper price successfully exceeded $9,100, and the main contract of SHFE copper reached 73,900 yuan/ton. However, after the strong rise of copper price, it put pressure on the actual consumption of spot copper market, and copper manufacturers stopped to wait and see, fearing that the short-term copper price would be adjusted back at a high level under the pressure of profit-taking market, and the trading volume was very limited. Therefore, the stock of electrolytic copper in Guangdong market has increased to 62,548 tons recently, and the spot trading is in a discounted state. At present, the news of smelter production reduction is still fermenting, or it will continue to support the bullish sentiment of the copper market, and the copper price may still be expected to maintain its upward trend.
Aluminum: Today, the aluminum price in Foshan market is stable. Although the price is still at a high level, the motivation for further price increase is obviously insufficient. The news of Yunnan's resumption of production has landed, and the latest round of resumption of production will be completed in mid-April. The pressure of high aluminum prices is gradually increasing, and buyers in the aluminum market are obviously cautious in purchasing. At present, the spot aluminum price is affected by the profit mentality of holders, and the transaction is in a discounted state.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, and the cautious attitude of market participants dominates, and the willingness of cargo holders to ship is positive, but the market fear still hangs over the market, and the downstream manufacturers have obvious wait-and-see mood. After waiting for delivery, the market changes, mostly based on inquiry. Today, the market turnover is stable.
Stainless Steel: The high nickel price callback put pressure on the stainless steel market, and the price dropped further. The Fed's interest rate resolution meeting is approaching, and the market sharply lowered its bet on the Fed's interest rate cut in June. The US dollar rushed to a two-week high, and the non-ferrous metal market was generally under pressure. At present, nickel is dragged down by surplus and LME nickel accumulation, and the upward price performance is weak.
Aluminum: Today, the aluminum price in Foshan market is stable. Although the price is still at a high level, the motivation for further price increase is obviously insufficient. The news of Yunnan's resumption of production has landed, and the latest round of resumption of production will be completed in mid-April. The pressure of high aluminum prices is gradually increasing, and buyers in the aluminum market are obviously cautious in purchasing. At present, the spot aluminum price is affected by the profit mentality of holders, and the transaction is in a discounted state.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, and the cautious attitude of market participants dominates, and the willingness of cargo holders to ship is positive, but the market fear still hangs over the market, and the downstream manufacturers have obvious wait-and-see mood. After waiting for delivery, the market changes, mostly based on inquiry. Today, the market turnover is stable.
Stainless Steel: The high nickel price callback put pressure on the stainless steel market, and the price dropped further. The Fed's interest rate resolution meeting is approaching, and the market sharply lowered its bet on the Fed's interest rate cut in June. The US dollar rushed to a two-week high, and the non-ferrous metal market was generally under pressure. At present, nickel is dragged down by surplus and LME nickel accumulation, and the upward price performance is weak.
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