Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 5
2023-6-5
Copper: Today, the copper price in Foshan market dropped slightly, and the short-term rebound pressure still exists. Last Thursday and Friday, the prices of various non-ferrous metals rebounded for several days. The unexpected growth of manufacturing activities in China triggered the hope of improving demand, and the agreement to avoid US debt default pushed up the market here. However, the rebound of the US dollar index put pressure on the metal market, and prices fell under pressure. At present, the copper inventory is low, and the premium of copper is rising. However, copper factories and enterprises are cautious in purchasing goods, because the orders are weak, and the traders are still worried about the crazy drop of copper prices in June last year, fearing to repeat the same mistakes; The supply of recycled copper continues to be tight, but because buyers are cautious, the overall market transaction is average.
Aluminum: SHFE aluminum fell sharply, and the rebound market came to an abrupt end, dragging down the spot aluminum price across the board, and the market caution rose accordingly. Due to factors such as high temperature and production reduction, the national aluminum social inventory continued to fall below 600,000 tons after entering June, and it continued to fall by more than 50% from the high of 1.26 million tons in March, which still supported the short-term aluminum price, and the decline was expected to be limited.
Zinc: The performance of zinc price is weak, and the wait-and-see atmosphere in the market is heavy. Middlemen are cautious in purchasing goods according to orders. Downstream manufacturers are worried about the price of zinc in the market, mainly on the wait-and-see, and the purchasing enthusiasm is not high. Market transactions are mainly on demand. Zinc fluctuates at a low level, and it is expected that there will be limited room for further decline in the short term.
Stainless Steel: LME nickel fluctuated repeatedly. At present, the trading in Asia has recovered obviously and its influence is gradually emerging. SHFE nickel and stainless steel futures both fell, and the spot market was passive. The bargaining price of scrap industry followed the adjustment, and the general receiving price of manufacturers was lowered. However, the tight supply turnover has not improved, and the price fluctuation is not large. (Analyzed by LTIT)
Aluminum: SHFE aluminum fell sharply, and the rebound market came to an abrupt end, dragging down the spot aluminum price across the board, and the market caution rose accordingly. Due to factors such as high temperature and production reduction, the national aluminum social inventory continued to fall below 600,000 tons after entering June, and it continued to fall by more than 50% from the high of 1.26 million tons in March, which still supported the short-term aluminum price, and the decline was expected to be limited.
Zinc: The performance of zinc price is weak, and the wait-and-see atmosphere in the market is heavy. Middlemen are cautious in purchasing goods according to orders. Downstream manufacturers are worried about the price of zinc in the market, mainly on the wait-and-see, and the purchasing enthusiasm is not high. Market transactions are mainly on demand. Zinc fluctuates at a low level, and it is expected that there will be limited room for further decline in the short term.
Stainless Steel: LME nickel fluctuated repeatedly. At present, the trading in Asia has recovered obviously and its influence is gradually emerging. SHFE nickel and stainless steel futures both fell, and the spot market was passive. The bargaining price of scrap industry followed the adjustment, and the general receiving price of manufacturers was lowered. However, the tight supply turnover has not improved, and the price fluctuation is not large. (Analyzed by LTIT)
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