Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 16
2021-6-16
Copper: Today, the recycled copper price in Foshan market fell further, and the decline was larger, which was mainly dragged down by the overnight LME copper plunge. At present, the overall atmosphere of the copper market is relatively empty, traders are generally worried that the Chinese authorities will take further measures to curb the rise of commodity prices, and with the coming of the Federal Reserve policy meeting, the traders are worried that the Federal Reserve may hint that it will start to reduce its bond purchases, and the cautious mood has warmed up. In addition, due to the summer off-season, peak shifting power cuts and the pandemic in Guangdong, the demand of copper market has weakened. In the face of a sharp drop in copper prices, traders are worried that copper prices will continue to fall in the future, and copper manufacturers are still cautious and wait-and-see. However, because of the shortage of goods and the loss of supply at hand, most of the holders of recycled copper choose to be reluctant to sell at a low price, unwilling to trade at a low price, and the quotation is fixed.
Aluminum: Today, the aluminum price in Foshan market only declined slightly, and the short-term aluminum price resistance is very obvious. Recently, due to environmental protection and summer power cuts, the output of aluminum industry has decreased, and the demand for primary aluminum has also weakened. Recently, the inventory of aluminum ingots in Guangdong market has changed from a continuous decline to a slight increase, which may cause some pressure on short-term aluminum prices.
Zinc: Today, the price of zinc in Foshan market has risen in an all-round way, showing "outstanding performance". Yunnan's peak shifting power consumption and Inner Mongolia's energy consumption are under dual control, and zinc price is preferred fundamentally. However, the traders are afraid of price rise and stand by. Traders are more cautious in receiving goods, and basically maintain low inventory operation. Most of them only ask for goods after receiving orders. Downstream manufacturers are worried about the market outlook, and most of them are mainly waiting and seeing, and their transactions are weak.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to fall, and the transaction is light. Dragged by the decline of nickel price, the spot market of stainless steel instantly changed from rising to falling, and the cautious mood heated up sharply. Meanwhile, it led to the emergency hedging operation in the waste industry, and large manufacturers successively lowered the receiving price and generally lowered the 200 yuan/ton. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market only declined slightly, and the short-term aluminum price resistance is very obvious. Recently, due to environmental protection and summer power cuts, the output of aluminum industry has decreased, and the demand for primary aluminum has also weakened. Recently, the inventory of aluminum ingots in Guangdong market has changed from a continuous decline to a slight increase, which may cause some pressure on short-term aluminum prices.
Zinc: Today, the price of zinc in Foshan market has risen in an all-round way, showing "outstanding performance". Yunnan's peak shifting power consumption and Inner Mongolia's energy consumption are under dual control, and zinc price is preferred fundamentally. However, the traders are afraid of price rise and stand by. Traders are more cautious in receiving goods, and basically maintain low inventory operation. Most of them only ask for goods after receiving orders. Downstream manufacturers are worried about the market outlook, and most of them are mainly waiting and seeing, and their transactions are weak.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to fall, and the transaction is light. Dragged by the decline of nickel price, the spot market of stainless steel instantly changed from rising to falling, and the cautious mood heated up sharply. Meanwhile, it led to the emergency hedging operation in the waste industry, and large manufacturers successively lowered the receiving price and generally lowered the 200 yuan/ton. (Analyzed by LTIT)
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