Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 1
2024-4-1
Copper: The spot copper price in Foshan market continues to rise today. Although the external market was closed for Easter, SHFE copper still showed a strong shock, and the price rose for three days. However, the trading sentiment in the spot market was still cautious, for fear that the reopening of the outer could not continue the upward trend. At present, the overall news and fundamentals of the copper market are favorable, the expectation of interest rate cuts in the United States and bullish bets in the market continue, the market risk appetite is good, and the demand prospect of metallic copper is strongly supported. The domestic macro-policy tone remained optimistic, and the stimulus policies continued to be released, injecting confidence into the market. At the same time, the manufacturing PMI has expanded significantly, and the profits of industrial enterprises have been steadily restored, which will help to further improve the price and demand prospects of industrial metals. The traders are optimistic about the copper price in the second quarter.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the trading was cautiously improving. Entering the new "season" in April, aluminum prices continue to show a strong trend of oscillation. The gradual improvement of consumption in peak season boosts the bright performance of SHFE aluminum. The resumption of electrolytic aluminum production in Yunnan is not as good as expected, and the pressure on the supply side is not great, which has a limited impact on aluminum prices. Traders continue to be optimistic about short-term aluminum prices, or test the 20000 mark.
Zinc: Although the recent price increase of zinc is weak, traders are optimistic about the short-term trend of zinc, and accordingly, they actively improve the purchase, and the downstream materials manufacturers' desire to stock up has improved, and market transactions have improved. There is a lack of outer guidance in China, and traders are concerned about the exchange rates of the US dollar and RMB. It is expected that zinc will fluctuate strongly in the short term.
Stainless Steel: SHFE nickel hovered around the 130,000 mark when the rally was blocked, and stainless steel futures fell again. The spot was quickly sold with bearish market. The cautious mood in the scrap industry is heating up, and the mentality of replenishment of manufacturers is under pressure. Most buyers have re-lowered their quotations and received goods due to the situation, and the trading goods are less deadlocked. Traditional seasonal demand needs to be verified again in April. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the trading was cautiously improving. Entering the new "season" in April, aluminum prices continue to show a strong trend of oscillation. The gradual improvement of consumption in peak season boosts the bright performance of SHFE aluminum. The resumption of electrolytic aluminum production in Yunnan is not as good as expected, and the pressure on the supply side is not great, which has a limited impact on aluminum prices. Traders continue to be optimistic about short-term aluminum prices, or test the 20000 mark.
Zinc: Although the recent price increase of zinc is weak, traders are optimistic about the short-term trend of zinc, and accordingly, they actively improve the purchase, and the downstream materials manufacturers' desire to stock up has improved, and market transactions have improved. There is a lack of outer guidance in China, and traders are concerned about the exchange rates of the US dollar and RMB. It is expected that zinc will fluctuate strongly in the short term.
Stainless Steel: SHFE nickel hovered around the 130,000 mark when the rally was blocked, and stainless steel futures fell again. The spot was quickly sold with bearish market. The cautious mood in the scrap industry is heating up, and the mentality of replenishment of manufacturers is under pressure. Most buyers have re-lowered their quotations and received goods due to the situation, and the trading goods are less deadlocked. Traditional seasonal demand needs to be verified again in April. (Analyzed by LTIT)
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