Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 18
2024-4-18
Copper: The spot copper price in Foshan market rose in an all-round way today, and the trend continued to fluctuate strongly this week. However, at present, the market trading sentiment remains cautious. At present, the big investment banks are still bullish on copper prices. Goldman Sachs analysts pointed out that the shortage of copper supply will be "very serious" in the next three to five years, and it is expected that the copper price will soar to about 12,000 US dollars per ton in the first quarter of next year. This view quickly aroused strong repercussions in the market and promoted a strong rebound in copper prices. Also, the domestic economic growth prospects are promising, and the GDP performance in the first quarter is bright, which greatly boosted market confidence and further enhanced the demand prospects of industrial metals such as copper, providing a strong driving force for the continued strength of copper prices. Short-term copper prices may continue to fluctuate intensively.
Aluminum: Today, the aluminum price in Foshan market is stable, and the first-line support of SHFE aluminum is still strong at 20,000 yuan. Traders expect that the aluminum price will continue to fluctuate intensively in the short term. For most aluminum manufacturers, the current aluminum price is still on the high side, and the current quotation is unacceptable to the downstream, and the orders are obviously reduced. Therefore, the purchase is still on demand and the transaction volume is relatively limited.
Zinc: the price of zinc continued to rise slightly, and traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase of goods. The purchasing intention of downstream materials manufacturers improved and the market transactions improved. At present, the market generally expects that the marginal repair space of terminal consumption still exists, which is expected to push up the space above SHFE zinc and drive the spot zinc price to rise further.
Stainless Steel: SHFE nickel opened higher and went higher, which brought confidence support to the domestic stainless steel market and the price rose accordingly. The sharp fall of the US dollar has pushed up the industrial metal market, and domestic smelters have entered the cycle of centralized maintenance and production reduction. The intensified losses of iron works have benefited ferronickel, the cost support price has risen, and the mood of buying on dips has improved. The after-market pays more attention to the transaction situation of steel strip. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the first-line support of SHFE aluminum is still strong at 20,000 yuan. Traders expect that the aluminum price will continue to fluctuate intensively in the short term. For most aluminum manufacturers, the current aluminum price is still on the high side, and the current quotation is unacceptable to the downstream, and the orders are obviously reduced. Therefore, the purchase is still on demand and the transaction volume is relatively limited.
Zinc: the price of zinc continued to rise slightly, and traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase of goods. The purchasing intention of downstream materials manufacturers improved and the market transactions improved. At present, the market generally expects that the marginal repair space of terminal consumption still exists, which is expected to push up the space above SHFE zinc and drive the spot zinc price to rise further.
Stainless Steel: SHFE nickel opened higher and went higher, which brought confidence support to the domestic stainless steel market and the price rose accordingly. The sharp fall of the US dollar has pushed up the industrial metal market, and domestic smelters have entered the cycle of centralized maintenance and production reduction. The intensified losses of iron works have benefited ferronickel, the cost support price has risen, and the mood of buying on dips has improved. The after-market pays more attention to the transaction situation of steel strip. (Analyzed by LTIT)
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