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Metal scraps performances in Foshan market on April 16
2019-4-16

Copper:

The price of recycled copper in Foshan market fell slightly again today. Judging from the recent fluctuation track of copper price, the short-term resistance of 6,500 US dollars is still relatively large. Traders are generally worried that the short-term copper price may fluctuate and decline, showing caution in purchasing. It is understood that although the demand in the copper market has improved since April, the improvement is still limited, and the market lacks the courage to pursue a continuous unilateral rise even though the copper price has not yet reached breakout. However, the inventories of the competitors of the goods holders are still relatively scarce. They generally say that there are not many goods in circulation in the market and replenishment is more difficult. In case the price is not ideal, they would rather hold the goods to be increased than sell them at a lower price. They are generally bullish on the future copper price because macro flour is becoming optimistic.

 

Aluminum:

Today, the price of aluminum in Foshan market is stable, and the market demand is slowly improving. Recently, the consumption in the aluminum market in Guangdong has picked up somewhat, and most aluminum manufacturers in the lower reaches of the market have maintained their replenishment with the market. The stock of aluminum ingots in Guangdong has dropped from 390,000 tons in early March to 360,000 tons at present, which strongly supports the current price of aluminum.

 

Zinc:

Today, the price of zinc in Foshan market has fallen across the board. The market cannot help worrying, has the price of zinc changed? At present, the market demand for zinc market is still weak, and the downstream zinc manufacturers have strong fear of high prices. Therefore, they maintain a cautious attitude in purchasing, mainly digesting stocks, with the volume of purchases continuing to be small and the support for zinc prices limited.

 

Stainless steel:

The price of waste stainless steel in Foshan market fell slightly today, and the market bearish mood has not dissipated. Steel mills continue to put pressure on the scrap stainless steel market by lowering the price of their products. The recyclers have to go along with them to receive the goods at a lower price. However, due to the current tight supply of goods in the market and the firm price demanded by the retailers, the recyclers are unable to successfully receive the goods at a lower price and the transaction is deadlocked. (Source: Lingtong Metal Information)

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