Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 16
2024-4-16
Copper: The spot copper price in Foshan market continues to rise today, and the cautious mood in the market is heating up. The domestic macro atmosphere is optimistic, and the positive influx of funds supports the rise of copper prices. In March, the performance of domestic manufacturing industry was eye-catching, which significantly boosted market sentiment and increased the demand for industrial metals, which had a positive impact on copper prices. At the same time, automobile production and sales started well in the first quarter, especially in the new energy automobile market, and the market share increased steadily, which further enhanced market confidence and is expected to continue to promote the growth of automobile copper demand. In addition, the spot processing fee of copper concentrate remains low, and there are also potential disturbance factors in overseas supply, which all support the copper price. Overall, traders are still bullish on the copper price in the after-market.
Aluminum: Today, the price of aluminum in Foshan market is greatly reduced, and the market is cautious. Recently, Britain and the United States imposed a new round of sanctions on Russian metals, and the market responded to the "sanctions" sensitively, but the domestic aluminum market was less affected. At present, the strength of SHFE aluminum inhibits the domestic spot trading sentiment, and the downstream demand capacity is limited, so the market is cautious about the purchasing attitude of high-priced aluminum.
Zinc: Britain and the United States imposed new sanctions on Russian aluminum, copper and nickel. After SHFE zinc actively followed the market, the bulls took profits. SHFE zinc funds flowed out rapidly, SHFE zinc fell rapidly under pressure, the spot zinc price fell sharply under pressure, the delivery of goods was slowed down, and downstream manufacturers maintained a cautious attitude. Some manufacturers with rigid demand were more active in purchasing when prices fell, and the transactions increased significantly.
Stainless Steel: The opening quotation of the stainless steel factory was raised, which led to the trading sentiment in the spot market. After the intervention of rigid-demand replenishment popularity, the steel strip transaction improved, and the waste industry responded positively. Recycling traders followed suit and raised the receiving price to stimulate the circulation of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is greatly reduced, and the market is cautious. Recently, Britain and the United States imposed a new round of sanctions on Russian metals, and the market responded to the "sanctions" sensitively, but the domestic aluminum market was less affected. At present, the strength of SHFE aluminum inhibits the domestic spot trading sentiment, and the downstream demand capacity is limited, so the market is cautious about the purchasing attitude of high-priced aluminum.
Zinc: Britain and the United States imposed new sanctions on Russian aluminum, copper and nickel. After SHFE zinc actively followed the market, the bulls took profits. SHFE zinc funds flowed out rapidly, SHFE zinc fell rapidly under pressure, the spot zinc price fell sharply under pressure, the delivery of goods was slowed down, and downstream manufacturers maintained a cautious attitude. Some manufacturers with rigid demand were more active in purchasing when prices fell, and the transactions increased significantly.
Stainless Steel: The opening quotation of the stainless steel factory was raised, which led to the trading sentiment in the spot market. After the intervention of rigid-demand replenishment popularity, the steel strip transaction improved, and the waste industry responded positively. Recycling traders followed suit and raised the receiving price to stimulate the circulation of goods. (Analyzed by LTIT)
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