Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 2
2024-4-2
Copper: Today, the spot copper price in Foshan market continues to rise slightly, and the recent trend is relatively optimistic. Traders are generally optimistic about the demand and policy of copper market in the second quarter. In April, the copper market turnover was expected to pick up slightly, and the sentiment of goods-holders who were reluctant to sell at a high price was relatively strong. With the arrival of Tomb-Sweeping Day, downstream enterprises had pre-holiday stocking demand, which further supported spot consumption. However, in the face of the current situation of high premium and high inventory, the downstream transactions are still dominated by wait and see, and the transactions are scattered. The rising space of premium is relatively limited, which also reflects the market's lack of confidence in the rise of copper prices. However, for the after-market of copper, traders are bullish. It is expected that the copper direction can be seen at the 75,000 yuan mark, but it is not ruled out that there will be a profit-taking suppression during the period.
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and trading is cautiously improving. Domestic economic data is positive and optimism is dominant, and downstream rigid-demand procurement supports demand. In addition, due to drought in Yunnan, the resumption of electrolytic aluminum production was blocked, and the progress was not realized as scheduled. Demand is expected to continue to improve, and the traders expect aluminum prices to break through the 20,000 yuan mark in the second quarter.
Zinc: Today, the price of zinc in Foshan market is rising steadily, but traders follow the market, and the downstream manufacturers are not enthusiastic about purchasing, and the wait-and-see mood is still relatively strong. They basically maintain on-demand purchasing, and most of the transactions come from the contributions of traders, and the overall market transaction is average.
Stainless Steel: There is big reversal. Yesterday, SHFE nickel and stainless steel futures rallied, but today, the market rose, and the rebound rate was considerable, the spot price was recovered, and the market confidence in entering the market increased while it was low. The trading atmosphere in the scrap industry was positive, manufacturers and buyers generally raised prices to inquire about goods, and the transaction price rallied slightly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly, and trading is cautiously improving. Domestic economic data is positive and optimism is dominant, and downstream rigid-demand procurement supports demand. In addition, due to drought in Yunnan, the resumption of electrolytic aluminum production was blocked, and the progress was not realized as scheduled. Demand is expected to continue to improve, and the traders expect aluminum prices to break through the 20,000 yuan mark in the second quarter.
Zinc: Today, the price of zinc in Foshan market is rising steadily, but traders follow the market, and the downstream manufacturers are not enthusiastic about purchasing, and the wait-and-see mood is still relatively strong. They basically maintain on-demand purchasing, and most of the transactions come from the contributions of traders, and the overall market transaction is average.
Stainless Steel: There is big reversal. Yesterday, SHFE nickel and stainless steel futures rallied, but today, the market rose, and the rebound rate was considerable, the spot price was recovered, and the market confidence in entering the market increased while it was low. The trading atmosphere in the scrap industry was positive, manufacturers and buyers generally raised prices to inquire about goods, and the transaction price rallied slightly. (Analyzed by LTIT)
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