Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 8
2024-4-8
Copper: Today, the spot copper price in Foshan market has ushered in a long-lost surge, and the market caution has warmed up, and the trading volume is relatively limited. Recently, the crazy rise of gold has completely detonated the bullish atmosphere of non-ferrous metals, and LME copper hit a high of $9,397, setting a new high for the year. SHFE returned from the copper festival to make up for the increase across the board, and once rose to 76,170 yuan/ton in intraday trading, hitting a two-year high, driving the spot copper price to rise in an all-round way. However, due to the sharp rise of copper prices this round, copper manufacturers are obviously cautious in purchasing goods, and most of them are cautious about buying goods alone or watching carefully. Although the current copper industry is generally optimistic about the copper demand prospect, the current copper market is affected by multiple factors such as macro data and supply-demand relationship, and the market trend will be complex and changeable, with short-term or high-level shocks, but the profit callback is not ruled out.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The tight balance between supply and demand of SHFE aluminum continued to support the aluminum price, and the resumption of production in Yunnan failed to meet expectations, which limited the supply output and further consolidated the aluminum price intensity. Also, the demand for aluminum in the domestic photovoltaic and new energy fields continues to grow, offsetting some of the pressure in the real estate market, and aluminum prices may still have room to rise.
Zinc: After the long holiday, the spot zinc ingot price reached a high level of more than four months, and the market wait-and-see atmosphere dominated. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers were worried about the after-market, and their purchasing enthusiasm was not high. The market trading atmosphere was quiet and the overall turnover decreased. SHFE zinc hit an 11-month high, so it is not appropriate to chase it too high in the short term.
Stainless Steel: LME nickel rose by $800 during the holiday in Tomb-Sweeping Day. After the holiday, SHFE nickel and stainless steel futures rose enthusiastically, and the quotation of steel strip in the spot market rose in turn. The scrap industry had strong confidence in following up, and manufacturers and buyers followed suit to raise prices to receive goods. The psychology of holding goods for rising was prominent, which affected the poor transaction of supply. The stainless steel after-market pays attention to the follow-up of market demand. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. The tight balance between supply and demand of SHFE aluminum continued to support the aluminum price, and the resumption of production in Yunnan failed to meet expectations, which limited the supply output and further consolidated the aluminum price intensity. Also, the demand for aluminum in the domestic photovoltaic and new energy fields continues to grow, offsetting some of the pressure in the real estate market, and aluminum prices may still have room to rise.
Zinc: After the long holiday, the spot zinc ingot price reached a high level of more than four months, and the market wait-and-see atmosphere dominated. Traders were more cautious in receiving goods, and most of them made inquiries after receiving orders. Downstream manufacturers were worried about the after-market, and their purchasing enthusiasm was not high. The market trading atmosphere was quiet and the overall turnover decreased. SHFE zinc hit an 11-month high, so it is not appropriate to chase it too high in the short term.
Stainless Steel: LME nickel rose by $800 during the holiday in Tomb-Sweeping Day. After the holiday, SHFE nickel and stainless steel futures rose enthusiastically, and the quotation of steel strip in the spot market rose in turn. The scrap industry had strong confidence in following up, and manufacturers and buyers followed suit to raise prices to receive goods. The psychology of holding goods for rising was prominent, which affected the poor transaction of supply. The stainless steel after-market pays attention to the follow-up of market demand. (Analyzed by LTIT)
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