Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 9
2024-4-9
Copper: Today, the spot copper price in Foshan market has further increased, and the market is bullish. However, high copper prices have also suppressed the demand of the copper market, and merchants are more cautious and wait and see, and the trading volume is limited. Recently, the optimism of the metal market has been heating up, and the continuous influx of funds has attracted new speculative buying into the market. LME copper rose strongly overnight, reaching a maximum of 9884 US dollars, setting a 22-month high. SHFE copper rose strongly, hitting an intraday high of 76,850 yuan, and staged a seven-day rising market. Because the copper price has accumulated a large increase recently, the goods-holders have a strong profit mentality and actively ship goods, but the copper manufacturers are very cautious in receiving goods, and most of them purchase at a lower price. Although the current bullish atmosphere in the copper market is strong, traders expect to continue to rise or have limited space, paying attention to the first-line resistance of $9,500.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, which was significantly narrower than yesterday. SHFE aluminum supply and demand maintain a tight balance and continue to support the aluminum price. The resumption of production in Yunnan is not up to expectations, which limits the supply output and further consolidates the aluminum price intensity. However, the weak demand in the real estate market may bring pressure to the aluminum market, and the short-term aluminum price trend is expected to be repeated, but it is bullish.
Zinc: Today, the price of zinc in Foshan market remains within a narrow range, and the market wait-and-see atmosphere remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the price of zinc in the market outlook, mostly on the sidelines, with low purchasing enthusiasm and little change in market transactions.
Stainless Steel: Stainless steel futures continued to rebound, and the quotation of steel strip in the spot market took the opportunity to increase, and the transaction gradually warmed up, which stimulated the active trading atmosphere of the scrap industry. Various manufacturers actively entered the market to inquire for goods. Due to the continuous shortage of supply, the transaction price gradually went up. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, which was significantly narrower than yesterday. SHFE aluminum supply and demand maintain a tight balance and continue to support the aluminum price. The resumption of production in Yunnan is not up to expectations, which limits the supply output and further consolidates the aluminum price intensity. However, the weak demand in the real estate market may bring pressure to the aluminum market, and the short-term aluminum price trend is expected to be repeated, but it is bullish.
Zinc: Today, the price of zinc in Foshan market remains within a narrow range, and the market wait-and-see atmosphere remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the price of zinc in the market outlook, mostly on the sidelines, with low purchasing enthusiasm and little change in market transactions.
Stainless Steel: Stainless steel futures continued to rebound, and the quotation of steel strip in the spot market took the opportunity to increase, and the transaction gradually warmed up, which stimulated the active trading atmosphere of the scrap industry. Various manufacturers actively entered the market to inquire for goods. Due to the continuous shortage of supply, the transaction price gradually went up. (Analyzed by LTIT)
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