Metal Scrap Performance in China
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Metal scraps performances in Foshan market on Apr 28
2021-4-28
Copper: Today, the recycled copper price in Foshan market has dropped at a high level, and the cautious sentiment in the market has obviously warmed up. After all, May Day is just around the corner, and the high copper price is under profit pressure, with LME copper below US$ 9,800. Yesterday, LME copper once rose to a high of US$ 9,965 for nearly ten years, and the main force of SHFE copper also retreated above 71,000 yuan, and the spot copper price fell under pressure. Although the high copper price has been adjusted back, the bullish sentiment in the market has not diminished. According to the analysis, the recovery of European and American economies and the continued weakness of the US dollar index have supported copper prices. However, analysts warned that the continuous exertion of funds forced the downstream to accept high copper prices, and it was necessary to pay attention to the downstream orders and start-up situation. There may be a key change before and after May Day. If the downstream is forced to accept high prices in an all-round way, the copper price is expected to reach the previous high, otherwise it may fall.
Aluminum: Today, the price of aluminum in Foshan market is falling. Facing the falling from high price of aluminum, aluminum manufacturers are obviously cautious in purchasing goods, especially on the eve of May Day, most of them keep purchasing on demand and mainly digest inventory for profit. At present, the domestic aluminum supply is sufficient, and the market is worried about the risks brought by the high profit level of smelters and the pressure of production costs of aluminum demand enterprises.
Zinc: Today, the price of zinc in Foshan market fell along with the price of copper, and manufacturers waited for the opportunity to enter the market to prepare materials before the holiday. At present, the price is on the high side, which restricts the market transaction, and the overall market transaction is slack. There will be an interest rate meeting of the Federal Reserve tonight, which may bring fluctuations to zinc prices. The Indian pandemic has reduced the possibility of global easing policy in the near future, and it is optimistic that zinc prices will continue to rise in the market outlook.
Stainless Steel: Today, the price of stainless steel in Foshan market went up against the market. The domestic SHFE nickel and stainless steel futures are supported by red support, and the spot trading atmosphere is supported. However, May Day is coming this weekend, and the steel mills' intention to prepare materials before the holiday is not on schedule. The scrap stainless steel market begins to take a cautious attitude, and the manufacturers speed up the shipment, generally clinch a deal at a stable price, and the market rebound is weak. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is falling. Facing the falling from high price of aluminum, aluminum manufacturers are obviously cautious in purchasing goods, especially on the eve of May Day, most of them keep purchasing on demand and mainly digest inventory for profit. At present, the domestic aluminum supply is sufficient, and the market is worried about the risks brought by the high profit level of smelters and the pressure of production costs of aluminum demand enterprises.
Zinc: Today, the price of zinc in Foshan market fell along with the price of copper, and manufacturers waited for the opportunity to enter the market to prepare materials before the holiday. At present, the price is on the high side, which restricts the market transaction, and the overall market transaction is slack. There will be an interest rate meeting of the Federal Reserve tonight, which may bring fluctuations to zinc prices. The Indian pandemic has reduced the possibility of global easing policy in the near future, and it is optimistic that zinc prices will continue to rise in the market outlook.
Stainless Steel: Today, the price of stainless steel in Foshan market went up against the market. The domestic SHFE nickel and stainless steel futures are supported by red support, and the spot trading atmosphere is supported. However, May Day is coming this weekend, and the steel mills' intention to prepare materials before the holiday is not on schedule. The scrap stainless steel market begins to take a cautious attitude, and the manufacturers speed up the shipment, generally clinch a deal at a stable price, and the market rebound is weak. (Analyzed by LTIT)
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