Metal Scrap Performance in China
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Metal scraps performances in Foshan market on Apr 30
2021-4-30
Copper: Today, the recycled copper price in Foshan market has been fully adjusted back, but the adjustment range is still limited. However, due to the upcoming May Day, copper manufacturers and traders are very cautious. Copper futures before May Day are crazy. Overnight, LME copper has exceeded USD 10,000 per ton for the first time since 2011, and the highest value has reached USD 10,008 per ton. After that, copper fluctuated and fell back, leaving the market due to investors' profit. Despite this, many investment banks are bullish on copper prices in the future, and Citi predicts that copper may hit $12,000 per ton later this year. At present, some traders have suggested that the short-term sentiment has reached the extreme, and there is a need for funds to avoid risks before the holiday. Under the high copper price, it is necessary to guard against the risk of callback. At present, most copper manufacturers maintain a cautious wait-and-see attitude to avoid risks.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is stronger than other metals. However, the pre-holiday surge suppressed the market demand for stock preparation, and most of the factories and enterprises were mainly profitable and cautious.
Zinc: Today, zinc prices in Foshan market fell across the board. Traders are more active in purchasing goods when zinc prices fall and just need to prepare materials before the holiday, and downstream manufacturers' purchasing intention has improved.
Stainless Steel: Today, the price of stainless steel in Foshan market is stable. With the coming of the small holiday, the market has a strong wait-and-see mood, the steel mills are not active in purchasing and preparing materials, and the receiving and rising efforts are insufficient, which inhibits the desire of the waste industry to chase after high prices. Buyers' receiving prices have retreated from high positions, and the market is temporarily weak. At present, LME nickel has insufficient motivation to keep rising, so it is necessary to guard against callback pressure. (informed research)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the trend is stronger than other metals. However, the pre-holiday surge suppressed the market demand for stock preparation, and most of the factories and enterprises were mainly profitable and cautious.
Zinc: Today, zinc prices in Foshan market fell across the board. Traders are more active in purchasing goods when zinc prices fall and just need to prepare materials before the holiday, and downstream manufacturers' purchasing intention has improved.
Stainless Steel: Today, the price of stainless steel in Foshan market is stable. With the coming of the small holiday, the market has a strong wait-and-see mood, the steel mills are not active in purchasing and preparing materials, and the receiving and rising efforts are insufficient, which inhibits the desire of the waste industry to chase after high prices. Buyers' receiving prices have retreated from high positions, and the market is temporarily weak. At present, LME nickel has insufficient motivation to keep rising, so it is necessary to guard against callback pressure. (informed research)
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