Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 17
2024-4-17
Copper: The spot copper price in Foshan market fell slightly today, and the cautious mood in the market warmed up. The U.S. dollar index rose for five days in a row to refresh the high point of nearly five and a half months, which brought pressure to the non-ferrous metal market, and after delivery, the non-ferrous metal market led by zinc and aluminum fell under the pressure of profit-taking market. Copper prices fell under pressure, but supported by its financial attributes and the continued bullish attitude of big investment banks, there was little room for copper prices to decline. At present, the domestic spot supply is plentiful and the wait-and-see mood is heavy, which leads to poor trading in the market. There is no more takeover action for the receiving party to maintain on-demand procurement, and the overall market sentiment is relatively cautious. In this cautious atmosphere, the negative feedback of spot consumption is superimposed, which makes the copper price face the pressure of high callback, but traders are still bullish on the after-market.
Aluminum: Today, the price of aluminum in Foshan market continues to decline, and the market is cautious. According to some traders, after entering the price increase cycle in April, orders were obviously weakened, and downstream traders were cautious due to factors such as real estate and did not recognize this increase; At present, the aluminum market is strong outside and weak inside, and the strength of the external market will have some psychological benefits for China. It is expected that SHFE aluminum 20000 will have support.
Zinc: The price of zinc remained within a narrow range. Most manufacturers and traders remain cautious and do not replenish their stocks in large quantities. Market participants say that the current zinc price performance is unstable, and they think that the possibility of zinc price rising again is reduced, and the wait-and-see mood hangs over the market, resulting in dull spot trading. The crisis of escalating Iran-Israel conflict has not been lifted, market funds have declined, and zinc prices are expected to continue to fall.
Stainless Steel: LME nickel fluctuated widely and was affected by macro news in the short term. It is expected to continue to organize around the $18,000 mark. Stainless steel futures performed repeatedly, reversing the decline and rising this morning. The confidence in the spot market was blessed, the demand for replenishment continued to improve, the mentality of the scrap industry changed due to the situation, the buyer's operation turned from falling to stable, and the receiving price was generally the same as yesterday. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to decline, and the market is cautious. According to some traders, after entering the price increase cycle in April, orders were obviously weakened, and downstream traders were cautious due to factors such as real estate and did not recognize this increase; At present, the aluminum market is strong outside and weak inside, and the strength of the external market will have some psychological benefits for China. It is expected that SHFE aluminum 20000 will have support.
Zinc: The price of zinc remained within a narrow range. Most manufacturers and traders remain cautious and do not replenish their stocks in large quantities. Market participants say that the current zinc price performance is unstable, and they think that the possibility of zinc price rising again is reduced, and the wait-and-see mood hangs over the market, resulting in dull spot trading. The crisis of escalating Iran-Israel conflict has not been lifted, market funds have declined, and zinc prices are expected to continue to fall.
Stainless Steel: LME nickel fluctuated widely and was affected by macro news in the short term. It is expected to continue to organize around the $18,000 mark. Stainless steel futures performed repeatedly, reversing the decline and rising this morning. The confidence in the spot market was blessed, the demand for replenishment continued to improve, the mentality of the scrap industry changed due to the situation, the buyer's operation turned from falling to stable, and the receiving price was generally the same as yesterday. (Analyzed by LTIT)
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