Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 15
2021-6-15
Copper: Today, the recycled copper price in Foshan market has further declined, and the market transaction and investment are cautious. After the holiday, there is a strong short atmosphere in the domestic market. The traders are still worried that China will introduce more measures to curb the rise of commodity prices, and copper prices will continue to fall under pressure. Recent news and fundamental bear news dominated. This week, the Federal Reserve led the central bank's Super Week. The Federal Reserve is expected to maintain a loose stance, and the market expects that the strong recovery of the US economy will once again lead to the strengthening of the US dollar. In addition, due to summer off-season, peak shifting power cuts and pandemic in Guangdong, the demand of copper market has weakened. To sum up, copper prices may continue to fluctuate at high levels. Last week, the news of copper, aluminum and zinc dumping landed, but the impact on the market was limited, and the subsequent impact still needed to pay attention to the scale of dumping.
Aluminum: Today, the price of aluminum in Foshan market is stable. Last week, the message of dumping was settled, and the price of aluminum rose instead of falling. Some traders said that it was because the dumping rules were not as good as expected. However, at present, the relevant information has not been officially announced, which still needs to be observed. Recently, due to environmental protection and summer power cuts, the output of aluminum industry has decreased, and the supply side has support for short-term aluminum prices, and orders have also improved.
Zinc: The price of zinc in Foshan market fell slightly today. On Monday, the bulk metals fell collectively, and the market wait-and-see atmosphere resurfaced. Traders were cautious in receiving goods, basically maintaining low inventory operation, asking for goods only after receiving orders. Downstream manufacturers were worried about the zinc price in the market outlook, and they mostly took wait-and-see attitude, just needed a small amount of purchases, and the market transactions were dull.
Stainless Steel: The price of stainless steel in Foshan market fell slightly today. After the holiday, domestic stainless steel futures failed to continue the popular trend before the holiday, and there were signs of substantial withdrawal of funds. The bullish atmosphere in the spot market suddenly cooled down, and the sentiment of picking up and chasing up in the waste industry turned cautiously. Manufacturers and buyers generally returned to the quotation range for bargaining transactions, and the volume of supply continued to be low. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is stable. Last week, the message of dumping was settled, and the price of aluminum rose instead of falling. Some traders said that it was because the dumping rules were not as good as expected. However, at present, the relevant information has not been officially announced, which still needs to be observed. Recently, due to environmental protection and summer power cuts, the output of aluminum industry has decreased, and the supply side has support for short-term aluminum prices, and orders have also improved.
Zinc: The price of zinc in Foshan market fell slightly today. On Monday, the bulk metals fell collectively, and the market wait-and-see atmosphere resurfaced. Traders were cautious in receiving goods, basically maintaining low inventory operation, asking for goods only after receiving orders. Downstream manufacturers were worried about the zinc price in the market outlook, and they mostly took wait-and-see attitude, just needed a small amount of purchases, and the market transactions were dull.
Stainless Steel: The price of stainless steel in Foshan market fell slightly today. After the holiday, domestic stainless steel futures failed to continue the popular trend before the holiday, and there were signs of substantial withdrawal of funds. The bullish atmosphere in the spot market suddenly cooled down, and the sentiment of picking up and chasing up in the waste industry turned cautiously. Manufacturers and buyers generally returned to the quotation range for bargaining transactions, and the volume of supply continued to be low. (Analyzed by LTIT)
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