Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 26
2024-3-26
Copper: Spot copper prices in Foshan market fell across the board today, and the market was cautious. Although the copper market is still in a high callback market, the domestic copper market has a strong speculation atmosphere, and the market is full of optimistic expectations and forecasts. However, downstream consumption is cautious, and the high price of copper makes the market wait and see, and it is conservative for further procurement. Although the risk of global supply interruption and the expectation of domestic production reduction aggravate the worry of supply shortage, the actual demand of SHFE copper market has not increased significantly, which limits the space for copper prices to rise further to some extent. In addition, the spot premium continues to be in a weak pattern, and the stalemate between buyers and sellers leads to poor transactions. Subsequent consumption needs further verification, and it is expected that the short-term copper price will still be dominated by shocks.
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and the overall trend is still strong. In the short term, the pressure of aluminum supply is not obvious, which is good for aluminum prices. At the same time, the demand prospect of aluminum market is still optimistic, and it is expected that the demand in the peak season of "Golden March and Silver April" will keep growing. The aluminum processing enterprises in the middle reaches gradually resumed their work, and the price of LME aluminum rose due to the double support of rising aluminum and rising oil prices.
Zinc: The price of zinc dropped slightly. Traders and middlemen were not active, and most of them remained cautious. In order to reduce risks and maintain low storage, the demand of manufacturers was weak and the follow-up was insufficient. The two sides were deadlocked and the market transactions did not change much.
Stainless Steel: LME nickel fell to a new low this month, stainless steel futures continued to decline under pressure, the spot market was bearish, the price of steel strip was lowered one after another, the purchase price of molten steel in steel mills was also lowered, and it was difficult to sustain the low price of scrap goods. The manufacturers in the industry took turns to depress the price, which lowered the market. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and the overall trend is still strong. In the short term, the pressure of aluminum supply is not obvious, which is good for aluminum prices. At the same time, the demand prospect of aluminum market is still optimistic, and it is expected that the demand in the peak season of "Golden March and Silver April" will keep growing. The aluminum processing enterprises in the middle reaches gradually resumed their work, and the price of LME aluminum rose due to the double support of rising aluminum and rising oil prices.
Zinc: The price of zinc dropped slightly. Traders and middlemen were not active, and most of them remained cautious. In order to reduce risks and maintain low storage, the demand of manufacturers was weak and the follow-up was insufficient. The two sides were deadlocked and the market transactions did not change much.
Stainless Steel: LME nickel fell to a new low this month, stainless steel futures continued to decline under pressure, the spot market was bearish, the price of steel strip was lowered one after another, the purchase price of molten steel in steel mills was also lowered, and it was difficult to sustain the low price of scrap goods. The manufacturers in the industry took turns to depress the price, which lowered the market. (Analyzed by LTIT)
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