Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 20
2022-5-20
Copper: Today, the price of secondary copper in Foshan market rose slightly, and the market sentiment picked up. According to the analysis, LME copper price is expected to rise for the first time in the past seven weeks on Friday, as the relaxation of pandemic prevention and control in China, the largest metal consumer, has boosted the expectation of demand recovery, while the weak US dollar has provided further support. However, due to factors such as strict control of speculation and pandemic in China, the capital performance is cautious, and SHFE copper is under pressure at 72,000 yuan. Recently, China has been releasing the signal to stimulate the economy, but the overall economic situation at home and abroad has put pressure on the market. Most of the capital markets are mainly short-term operation and risk control, and most of the traders are basically purchasing on demand. According to the current situation, it is expected that speculation news will still dominate, and copper will fluctuate in the range.
Aluminum: Today, the aluminum price in Foshan market continues to rise slightly. Indonesia will ban the export of bauxite and the peripheral aluminum has been in a state of decreasing storage, which will support the aluminum price. LME aluminum has risen to nearly $3,000, and SHFE aluminum has rebounded continuously. According to the current situation, the overall demand has not improved significantly, and traders have started to be cautious in the continuous rise, and most of them purchase on demand.
Zinc: Today, the price of zinc in Foshan market has risen slightly. Downstream middlemen and traders are still worried about the future trend of zinc market, and there are not many large-scale purchases. Traders keep their enthusiasm for shipment, and zinc manufacturers do not have a strong purchase intention. Most of them keep purchasing on demand, and market transactions basically come from traders. The short-term recovery of zinc price is limited, and the medium-term market outlook is still bearish.
Stainless Steel: LME nickel ended its four-day decline, rising by nearly 8%, the biggest increase in nearly two months. The strong surge of LME nickel drove SHFE nickel to rise, successfully reversing the decline of stainless steel, and the steel mill once again made clear its attitude towards price. Although the atmosphere of falling prices in the waste industry has been alleviated, it is still in a wait-and-see state. Manufacturers are not active in inquiry and purchase, and the transaction situation of steel strip has attracted much attention. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rise slightly. Indonesia will ban the export of bauxite and the peripheral aluminum has been in a state of decreasing storage, which will support the aluminum price. LME aluminum has risen to nearly $3,000, and SHFE aluminum has rebounded continuously. According to the current situation, the overall demand has not improved significantly, and traders have started to be cautious in the continuous rise, and most of them purchase on demand.
Zinc: Today, the price of zinc in Foshan market has risen slightly. Downstream middlemen and traders are still worried about the future trend of zinc market, and there are not many large-scale purchases. Traders keep their enthusiasm for shipment, and zinc manufacturers do not have a strong purchase intention. Most of them keep purchasing on demand, and market transactions basically come from traders. The short-term recovery of zinc price is limited, and the medium-term market outlook is still bearish.
Stainless Steel: LME nickel ended its four-day decline, rising by nearly 8%, the biggest increase in nearly two months. The strong surge of LME nickel drove SHFE nickel to rise, successfully reversing the decline of stainless steel, and the steel mill once again made clear its attitude towards price. Although the atmosphere of falling prices in the waste industry has been alleviated, it is still in a wait-and-see state. Manufacturers are not active in inquiry and purchase, and the transaction situation of steel strip has attracted much attention. (Analyzed by LTIT)
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