Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 13
2022-5-13
Copper: Today, the price of secondary copper in Foshan market has fallen across the board, mainly due to the decline of external market. However, on the whole, the domestic copper price is relatively resistant, and SFHE copper is still above 70,000 yuan, and the short-term pattern of "robust inside and vulnerable outside" is still maintained. LME copper once fell below $9,000 overnight, and CitiBank even predicted that the price of LME copper might fall to $8,500 per ton in the next three months. Traders are worried about the trend of short-term copper prices, so most of them are cautious in purchasing. Traders are worried that there may be room for domestic copper prices to make up for the decline in the future, so they still purchase on demand. However, at present, the domestic supply of secondary copper continues to be tight, and the holders are reluctant to sell at low prices when there are few goods. At present, the market focuses on the trend after domestic delivery next week.
Aluminum: Today, the aluminum price in Foshan market has resumed its decline, but SHFE aluminum still stays above 20,000 yuan. Aluminum manufacturers have increased their purchases due to the recent decline, and aluminum ingots in Guangdong continue to rise. Affected by the pandemic and economic environment, orders are weak, and market psychological pressure is still expected. After delivery next week, the aluminum market will continue to fluctuate, and the 20,000 mark is still the central axis of fluctuation.
Zinc: Today, the price of zinc in Foshan market has fallen across the board, and short-selling sentiment has flooded the market. The rapid decline of zinc price and insufficient market demand have hit the market's confidence in the market outlook. Merchants have a strong wait-and-see attitude, and market transactions are dull. The Federal Reserve tightened its monetary policy, the domestic epidemic affected the weak demand, and the overall direction of zinc prices continued to be bearish. However, the funds were loose early next week, and zinc prices might rebound slightly.
Stainless Steel: Nickel and stainless steel futures fell one after another, and the spot price remained quite high. Unfortunately, the transaction was in a dark decline; The shortage of waste materials is becoming more and more serious. It is generally reflected in the industry that there is no goods to be collected at low prices, the bargaining of market transactions is deadlocked, and the bulk supply transaction is temporarily maintained at a high level. It is expected that the short-term supply and demand side will hardly improve, and the cost side will continue to play its support. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has resumed its decline, but SHFE aluminum still stays above 20,000 yuan. Aluminum manufacturers have increased their purchases due to the recent decline, and aluminum ingots in Guangdong continue to rise. Affected by the pandemic and economic environment, orders are weak, and market psychological pressure is still expected. After delivery next week, the aluminum market will continue to fluctuate, and the 20,000 mark is still the central axis of fluctuation.
Zinc: Today, the price of zinc in Foshan market has fallen across the board, and short-selling sentiment has flooded the market. The rapid decline of zinc price and insufficient market demand have hit the market's confidence in the market outlook. Merchants have a strong wait-and-see attitude, and market transactions are dull. The Federal Reserve tightened its monetary policy, the domestic epidemic affected the weak demand, and the overall direction of zinc prices continued to be bearish. However, the funds were loose early next week, and zinc prices might rebound slightly.
Stainless Steel: Nickel and stainless steel futures fell one after another, and the spot price remained quite high. Unfortunately, the transaction was in a dark decline; The shortage of waste materials is becoming more and more serious. It is generally reflected in the industry that there is no goods to be collected at low prices, the bargaining of market transactions is deadlocked, and the bulk supply transaction is temporarily maintained at a high level. It is expected that the short-term supply and demand side will hardly improve, and the cost side will continue to play its support. (Analyzed by LTIT)
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