Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 18
2022-5-18
Copper: The price of secondary copper in Foshan market is stable today. LME copper bounced back again after several days, and the main contract of SHFE copper hovered below 72,000 yuan. The rebound of short-term copper is still limited. Some analysts believe that the current epidemic situation is under control, and Shanghai is making efforts to promote the resumption of commerce and production. In the short term, there is support from non-ferrous metals. In the medium and long term, the Fed raises interest rates, the valuation of industrial products is on the high side, and there is pressure above the copper price. Recently, there is a phenomenon in the spot copper market, that is, the recovery price is high and the bid price of factories and enterprises is low, which makes it more difficult to trade recycled copper. However, for the copper market outlook, the traders are still cautious and optimistic. It is expected that the short-term copper price will still fluctuate in the range, and the pressure still needs to be digested.
Aluminum: Today, the aluminum price in Foshan market is stable. Recently, the market has paid more attention to whether orders have effectively increased and how the epidemic situation has affected the economy. At present, the supply is still sufficient, so most traders basically purchase on demand. From the perspective of the general environment, Russia and Ukraine dominate the high energy category, and they still support the aluminum market. It is expected that the recent price trend will still fluctuate in the range and wait for more news.
Zinc: Today, the price of zinc in Foshan market is declining again. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are even more worried about the future of zinc prices, and they mainly wait and see. Their purchasing enthusiasm is not high, and the overall transaction in the market is deserted. The supply side of zinc is still tight, and the upward trend of the US dollar index is hard to change. In the short term, it is expected that the zinc price will continue its downward trend.
Stainless Steel: the price of nickel is constantly falling, the futures of stainless steel are falling step by step, and the spot price is unstable and declining. The market is indeed more pessimistic as the price drops. The waste industry is generally cautious and risk-averse, and the single operation is the main method. Manufacturers and buyers actively lower the price to reduce the holding cost. After the rainy day, the tight supply of waste stainless steel is expected to ease. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. Recently, the market has paid more attention to whether orders have effectively increased and how the epidemic situation has affected the economy. At present, the supply is still sufficient, so most traders basically purchase on demand. From the perspective of the general environment, Russia and Ukraine dominate the high energy category, and they still support the aluminum market. It is expected that the recent price trend will still fluctuate in the range and wait for more news.
Zinc: Today, the price of zinc in Foshan market is declining again. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are even more worried about the future of zinc prices, and they mainly wait and see. Their purchasing enthusiasm is not high, and the overall transaction in the market is deserted. The supply side of zinc is still tight, and the upward trend of the US dollar index is hard to change. In the short term, it is expected that the zinc price will continue its downward trend.
Stainless Steel: the price of nickel is constantly falling, the futures of stainless steel are falling step by step, and the spot price is unstable and declining. The market is indeed more pessimistic as the price drops. The waste industry is generally cautious and risk-averse, and the single operation is the main method. Manufacturers and buyers actively lower the price to reduce the holding cost. After the rainy day, the tight supply of waste stainless steel is expected to ease. (Analyzed by LTIT)
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