Metal Scrap Performance in China
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Metal scraps performances in Foshan market on June 17
2021-6-17
Copper: Today, the recycled copper price in Foshan market declined slightly, and the decline eased, but the market trading confidence was still weak. At present, the overall atmosphere of copper market is rather empty, and traders are generally worried that the Chinese authorities will take further measures to curb the rise of commodity prices. According to the latest news, the Federal Reserve keeps the benchmark interest rate unchanged and releases hawkish signals, and is expected to raise interest rates twice before the end of 2023. After the news was released, the US dollar index rose, commodity prices fell further under pressure, and LME copper dropped to a minimum of US$ 9,415. Faced with the continuous decline of copper prices, traders are worried that there is still a risk of decline in short-term copper prices, and copper manufacturers are still cautious and wait-and-see, while the holders of recycled copper are reluctant to sell at low prices because of the shortage of goods and the loss of supply at hand.
Aluminum: Today, the aluminum price in Foshan market continues to drop slightly. Recently, due to environmental protection and power shifting cuts in summer, 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. At present, the national aluminum social inventory is announced below 900,000 tons.
Zinc: The price of zinc in Foshan market fell slightly today. Zinc futures continued to fluctuate in a narrow range, killing market patience, which affected the purchasing mentality of traders and manufacturers to a certain extent. The market trading atmosphere tended to be dull and the market transactions were average.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to drop slightly, and the transaction is light. Forced by the external market situation, domestic SHFE nickel experienced a "three-day drop". If so, the cumulative decline was close to 10,000 yuan, the spot market of stainless steel became unstable and turned down, and the waste industry also adopted emergency hedging operations. Large manufacturers lowered the receiving price one after another, but the price adjustment was relatively light. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to drop slightly. Recently, due to environmental protection and power shifting cuts in summer, 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. At present, the national aluminum social inventory is announced below 900,000 tons.
Zinc: The price of zinc in Foshan market fell slightly today. Zinc futures continued to fluctuate in a narrow range, killing market patience, which affected the purchasing mentality of traders and manufacturers to a certain extent. The market trading atmosphere tended to be dull and the market transactions were average.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to drop slightly, and the transaction is light. Forced by the external market situation, domestic SHFE nickel experienced a "three-day drop". If so, the cumulative decline was close to 10,000 yuan, the spot market of stainless steel became unstable and turned down, and the waste industry also adopted emergency hedging operations. Large manufacturers lowered the receiving price one after another, but the price adjustment was relatively light. (Analyzed by LTIT)
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