Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 12
2024-4-12
Copper: Today, the spot copper price in Foshan market is stable, and the market trading sentiment is cautious. At the beginning of this week, after LME copper strongly climbed to a 15-month high of $9,523, the market sentiment was obviously cautious. Investors were generally worried that short-term copper prices would be difficult to maintain the upward trend. Under the pressure of bad news and profit-taking market, copper futures fell back to a high level, but it is still running around $9,400. At the current high level, the market divergence is more obvious. Many traders are worried that the current high copper price will greatly restrict the real demand, and investors' profit-making departure may drag down the copper price correction. However, many traders go long with capital operation and think that the short-term copper price is still expected to continue to rise, and they still have expectations for the range of 78,000-79,000. Short-term high copper price shocks will be the main theme.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, with a strong rise this week. Macro-sentiment is strong and the price of aluminum is quite high. At the same time, the overall bullish atmosphere in the commodity market is strong, which is conducive to maintaining the rising trend of SHFE aluminum. However, high aluminum prices also mean high risks. Most aluminum manufacturers purchase on demand or make up a small amount of positions to catch up, while cargo holders step up shipments and even ship at a small discount, making profits first.
Zinc: Today, the price of zinc continues to rise, the goods-holders are actively shipping, and the price of zinc is constantly rising, which aggravates the wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, and basically maintain inventory. Most downstream manufacturers only make inquiries after receiving orders, and purchase according to orders, so market transactions are dull. Gold is constantly hitting new highs, and it is estimated that there is still room for zinc price to rise in the short term.
Stainless Steel: The pattern of weak fundamentals is put under pressure again, and the high nickel price is difficult to keep, which turns into a wide range of shocks. LME nickel fell nearly $800, which stimulated the domestic market. Both SHFE nickel and stainless steel futures fell, and the spot market was disappointing. The price of steel strip dropped slightly, and the manufacturers in the waste industry successively lowered the receiving price, and the transaction price continued to fall. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, with a strong rise this week. Macro-sentiment is strong and the price of aluminum is quite high. At the same time, the overall bullish atmosphere in the commodity market is strong, which is conducive to maintaining the rising trend of SHFE aluminum. However, high aluminum prices also mean high risks. Most aluminum manufacturers purchase on demand or make up a small amount of positions to catch up, while cargo holders step up shipments and even ship at a small discount, making profits first.
Zinc: Today, the price of zinc continues to rise, the goods-holders are actively shipping, and the price of zinc is constantly rising, which aggravates the wait-and-see atmosphere in the market. Traders are more cautious in receiving goods, and basically maintain inventory. Most downstream manufacturers only make inquiries after receiving orders, and purchase according to orders, so market transactions are dull. Gold is constantly hitting new highs, and it is estimated that there is still room for zinc price to rise in the short term.
Stainless Steel: The pattern of weak fundamentals is put under pressure again, and the high nickel price is difficult to keep, which turns into a wide range of shocks. LME nickel fell nearly $800, which stimulated the domestic market. Both SHFE nickel and stainless steel futures fell, and the spot market was disappointing. The price of steel strip dropped slightly, and the manufacturers in the waste industry successively lowered the receiving price, and the transaction price continued to fall. (Analyzed by LTIT)
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