Metal Scrap Performance in China
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Metal scraps performances in Foshan market on Apr 29
2021-4-29
Copper: Today, the recycled copper price in Foshan market has risen sharply. The favorable news, such as the Federal Reserve keeping interest rates unchanged and Biden pushing the American Families Plan, kept the market bullish. After a short correction yesterday, copper futures stormed to the high level again. LME copper was infinitely close to the $10,000 mark, with the highest rising to $9,997. SHFE copper ignored the pre-holiday risks and followed the market's rise, with the main contract approaching 73,000 yuan. The traders expect that short-term capital speculation is still expected to push copper prices to continue to rise, but high copper prices mean high risks, so the spot copper market is relatively cautious in purchasing goods at present. With the approach of May Day, most copper manufacturers keep a small part of pre-holiday material preparation on demand, which restricts the market activity due to high cost and high risk.
Aluminum: Foshan market reappears strong today. Driven by favorable news, SHFE aluminum is close to the 19,000 yuan mark. However, as the May Day approaches, the fear of high prices in the market has warmed up. Most aluminum manufacturers maintain purchasing on demand and profit from digesting stocks, with limited trading volume. Pay attention to the change of market demand under high aluminum price.
Zinc: Today, the price of zinc in Foshan market is rising along with the market. Compared with the strong momentum of copper, aluminum and nickel, the price of zinc is slightly insufficient. At present, traders focus on shipping mentality, while downstream manufacturers are obviously lacking in purchasing enthusiasm. Most manufacturers still keep a cautious wait-and-see. During this period, most transactions are mainly between traders, and market transactions have not changed much.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to rise. This week, SHFE nickel soared strongly for 5 consecutive days, which brought optimism to stainless steel market, and stainless steel futures continued to rise, stimulating the atmosphere of spot trading price increase. However, near the small holiday, steel mills are cautious in purchasing waste materials, and the receiving and rising efforts are insufficient, which inhibits the traders’ desire to chase high, and the increase is limited. (Analyzed by LTIT)
Aluminum: Foshan market reappears strong today. Driven by favorable news, SHFE aluminum is close to the 19,000 yuan mark. However, as the May Day approaches, the fear of high prices in the market has warmed up. Most aluminum manufacturers maintain purchasing on demand and profit from digesting stocks, with limited trading volume. Pay attention to the change of market demand under high aluminum price.
Zinc: Today, the price of zinc in Foshan market is rising along with the market. Compared with the strong momentum of copper, aluminum and nickel, the price of zinc is slightly insufficient. At present, traders focus on shipping mentality, while downstream manufacturers are obviously lacking in purchasing enthusiasm. Most manufacturers still keep a cautious wait-and-see. During this period, most transactions are mainly between traders, and market transactions have not changed much.
Stainless Steel: Today, the price of stainless steel in Foshan market continues to rise. This week, SHFE nickel soared strongly for 5 consecutive days, which brought optimism to stainless steel market, and stainless steel futures continued to rise, stimulating the atmosphere of spot trading price increase. However, near the small holiday, steel mills are cautious in purchasing waste materials, and the receiving and rising efforts are insufficient, which inhibits the traders’ desire to chase high, and the increase is limited. (Analyzed by LTIT)
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