Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 15
2024-4-15
Copper: The spot copper price in Foshan market rose slightly overall today, and the cautious mood in the market warmed up. Europe and the United States imposed sanctions on Russia's copper, aluminum and nickel metals, igniting the rise of non-ferrous metals. LME copper touched $9,640 and SHFE copper touched $77,940. However, due to the lack of fundamental support, the profit-taking of funds dragged down the high level of copper. According to the analysis, the impact of Russian metal sanctions on the domestic market may have two stages. The first stage is emotional shock, LME has risen sharply, and the market is worried that Russian metal will flood into the domestic market, which will cause strong external strength and weak internal strength, close the import window deeply, curb domestic imports, benefit domestic supply and demand, and enhance the supporting role of high prices. The second stage is the remodeling of overseas Russian metal supply chain, and the market returns to fundamentals.
Aluminum: The first phase of aluminum delivery, although LME aluminum once rose more than 9%, the biggest increase since at least 1987, but under the pressure of weak demand and profit mentality, SHFE aluminum's increase was greatly reduced. According to the analysis, the news that Britain and the United States impose sanctions on Russia's aluminum, copper and nickel is good for the outer, but it will put pressure on the domestic market. It is expected that more aluminum metal will enter the country, which will increase the supply pressure and adversely affect the aluminum price.
Zinc: The escalation of the conflict between Iraq and Israel and the sanctions imposed by Britain and the United States on Russian metals have affected the price correction of zinc. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the zinc price of after-market, mostly wait and see, the purchasing enthusiasm is not high, and the overall market transaction is average. In the short term, it is advisable to wait and see, and the whole is still bullish.
Stainless Steel: The geopolitical situation in the Middle East is tense, and metal prices add fuel to the fire. Coupled with unexpected news, Russian nickel was sanctioned, LME nickel surged abnormally, domestic SHFE nickel and stainless steel futures rose cautiously, and the spot market was dominated by stable price operation. Scrap buyers generally held their horses and the market was stable and wait-and-see atmosphere. The future stainless steel market still depends on demand. (Analyzed by LTIT)
Aluminum: The first phase of aluminum delivery, although LME aluminum once rose more than 9%, the biggest increase since at least 1987, but under the pressure of weak demand and profit mentality, SHFE aluminum's increase was greatly reduced. According to the analysis, the news that Britain and the United States impose sanctions on Russia's aluminum, copper and nickel is good for the outer, but it will put pressure on the domestic market. It is expected that more aluminum metal will enter the country, which will increase the supply pressure and adversely affect the aluminum price.
Zinc: The escalation of the conflict between Iraq and Israel and the sanctions imposed by Britain and the United States on Russian metals have affected the price correction of zinc. Traders are extremely cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about the zinc price of after-market, mostly wait and see, the purchasing enthusiasm is not high, and the overall market transaction is average. In the short term, it is advisable to wait and see, and the whole is still bullish.
Stainless Steel: The geopolitical situation in the Middle East is tense, and metal prices add fuel to the fire. Coupled with unexpected news, Russian nickel was sanctioned, LME nickel surged abnormally, domestic SHFE nickel and stainless steel futures rose cautiously, and the spot market was dominated by stable price operation. Scrap buyers generally held their horses and the market was stable and wait-and-see atmosphere. The future stainless steel market still depends on demand. (Analyzed by LTIT)
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