Metal Scrap Performance in China Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on June 1
2023-6-1
Copper: Today, the copper price in Foshan market stopped falling and rose, and the market anxiety eased. The latest news, the U.S. House of Representatives voted to pass the debt ceiling bill, and the probability of the U.S. Federal Reserve raising interest rates dropped sharply in June. In May, Caixin China's manufacturing PMI rose to 50.9, which all supported the market. LME copper once jumped to $8,200, and SHFE copper company jumped above 65,500 yuan again. However, copper manufacturers are still cautious in purchasing goods, mainly on demand, because orders have not improved significantly, and the industry is still worried about the crazy drop in copper prices in June last year, fearing that copper prices will repeat the same mistakes. Short-term investors may continue to pay attention to news changes, and copper prices may continue to fluctuate in the range under the short-term speculation of funds.

Aluminum: SHFE aluminum rebounded strongly, which led to a sharp rise in spot aluminum prices. Recently, the low price rebound of aluminum has attracted many aluminum manufacturers and traders to actively replenish the market, and the transaction has improved. The national aluminum social inventory has continued to decline. The peak of electricity consumption in summer is approaching, and the industry is concerned about the power shortage in major aluminum producing and consuming provinces, and it is expected that the short-term aluminum trend will fluctuate mainly.

Zinc: China Caixin PMI data was higher than expected, and zinc price rebounded at a low level. Most of the market participants are cautious, and the willingness of cargo holders to ship has declined. The downstream materials manufacturers have obvious wait-and-see mood, and most of them are mainly based on inquiry. Today, the market turnover is stable.

Stainless Steel: The release of macroeconomic data was favorable, which stimulated market sentiment and metals rose across the board. Although stainless steel futures stopped falling and rose, it was unable to boost the spot market. The production cost of steel mills was upside down. Large steel mills took the lead in lowering the purchase price of waste materials, and manufacturers in the industry followed suit and the market continued to fall. (Analyzed by LTIT)

WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!