Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 3
2024-4-3
Copper: The spot copper price in Foshan market rose further today, and the bullish confidence in the market increased accordingly. The US dollar index fell, LME copper broke through $9,000 again, while SHFE copper's rise was limited by pre-holiday risk control and other factors. Most copper factories and enterprises basically purchased on demand, and the trading volume of electric copper increased. Guangdong's inventory fell to 56,988 tons, and the discount narrowed; Judging from the recent general trend, in addition to the favorable domestic data and the news of production reduction, the demand for the second quarter and the bullish international banks are also driving factors. In addition to bullish copper has the opportunity to test 74000-75000, attention should also be paid to guard against the short-term profit-taking impact.
Aluminum: Today, the price of aluminum in Foshan market rose further. Optimistic about the continued increase in demand in the second quarter and the better-than-expected domestic economic data, aluminum took the lead in heading for the 20000 mark, while the pre-holiday rally suppressed some market demand and the mentality of preparing materials for the holiday. In the second quarter, the aluminum price may maintain a strong oscillation trend, and it may be dominated by the 20,000 mark.
Zinc: Today, the price of zinc in Foshan market is further rising. Today, some downstream manufacturers have a holiday, and the trading atmosphere in the spot market is relatively calm. Some merchants ship in small quantities under arbitrage, and SHFE zinc is close to the pressure level of 21,500, which makes traders more cautious about the trend of zinc price, mainly focusing on light warehouses. The market lacks purchasing enthusiasm and the overall transaction declines.
Stainless Steel: LME nickel rose to a new high in more than a week, and SHFE nickel continued to rise, and the after-market will test the upward resistance of nickel price. Stainless steel futures meet with obstacles, the spot market is cautious because of the Tomb-Sweeping Day, the popularity of scrap trading has obviously left, the circulation of goods has been greatly reduced, and manufacturers' purchasing quotations are still raised to stimulate the arrival of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further. Optimistic about the continued increase in demand in the second quarter and the better-than-expected domestic economic data, aluminum took the lead in heading for the 20000 mark, while the pre-holiday rally suppressed some market demand and the mentality of preparing materials for the holiday. In the second quarter, the aluminum price may maintain a strong oscillation trend, and it may be dominated by the 20,000 mark.
Zinc: Today, the price of zinc in Foshan market is further rising. Today, some downstream manufacturers have a holiday, and the trading atmosphere in the spot market is relatively calm. Some merchants ship in small quantities under arbitrage, and SHFE zinc is close to the pressure level of 21,500, which makes traders more cautious about the trend of zinc price, mainly focusing on light warehouses. The market lacks purchasing enthusiasm and the overall transaction declines.
Stainless Steel: LME nickel rose to a new high in more than a week, and SHFE nickel continued to rise, and the after-market will test the upward resistance of nickel price. Stainless steel futures meet with obstacles, the spot market is cautious because of the Tomb-Sweeping Day, the popularity of scrap trading has obviously left, the circulation of goods has been greatly reduced, and manufacturers' purchasing quotations are still raised to stimulate the arrival of goods. (Analyzed by LTIT)
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