Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 7
2024-5-7
Copper: The spot copper price in Foshan market fell slightly today, ignoring the sharp rally of the outer LME copper, because the high copper price has caused great resistance to the spot copper market trading. Today, LME copper reopened the market, and the price returned to above $10,000. The bullish sentiment in the market is still high. According to the analysis, SHFE Copper will run in the direction of 85,500 yuan/ton in the future. After entering May, the continuous ultra-high copper price led to the domestic demand always in a stalemate, the finished product factory was difficult to ship, and the downstream willingness to receive goods was weak. In addition, the implementation of the new policy of reverse invoicing has increased the cost of factories and enterprises. Under the circumstances that the specific details are still unclear, most manufacturers have kept the price of raw materials down. After the holiday, the spot copper inventory in Guangdong has continued to increase to 58,306 tons, and the short-term copper price may remain at a high level.
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and the trend is quite calm. SHFE aluminum basically keeps fluctuating around the line of 20,500 yuan. Under the relatively stable trend, the enthusiasm of aluminum factories and enterprises to operate is maintained in a good state; Recently, there has been a slight decline in the social inventory of aluminum in China, which is not only driven by demand, but also affected by bad weather, etc., but the overall market demand is still weak.
Zinc: SHFE zinc fluctuated within a narrow range at a high level, with a strong wait-and-see atmosphere in the market. Traders were more cautious in receiving goods, and basically maintained low inventory operations. They only made inquiries after receiving orders. Downstream manufacturers were worried about the price of zinc in the market, mostly waiting and seeing, and purchased in small quantities with rigid demand. The market transactions did not change much from yesterday.
Stainless Steel: Stainless steel futures maintained a high level of volatility, and the market price sentiment rose slightly. However, the spot steel strip transaction was slow, and the activity of scrap trading was suppressed. The steel mills were not active in purchasing, and the operation of recycling manufacturers in the industry was limited, and buyers and sellers were confined to a stalemate. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and the trend is quite calm. SHFE aluminum basically keeps fluctuating around the line of 20,500 yuan. Under the relatively stable trend, the enthusiasm of aluminum factories and enterprises to operate is maintained in a good state; Recently, there has been a slight decline in the social inventory of aluminum in China, which is not only driven by demand, but also affected by bad weather, etc., but the overall market demand is still weak.
Zinc: SHFE zinc fluctuated within a narrow range at a high level, with a strong wait-and-see atmosphere in the market. Traders were more cautious in receiving goods, and basically maintained low inventory operations. They only made inquiries after receiving orders. Downstream manufacturers were worried about the price of zinc in the market, mostly waiting and seeing, and purchased in small quantities with rigid demand. The market transactions did not change much from yesterday.
Stainless Steel: Stainless steel futures maintained a high level of volatility, and the market price sentiment rose slightly. However, the spot steel strip transaction was slow, and the activity of scrap trading was suppressed. The steel mills were not active in purchasing, and the operation of recycling manufacturers in the industry was limited, and buyers and sellers were confined to a stalemate. (Analyzed by LTIT)
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