Metal Scrap Performance in China
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Metal scraps performances in Foshan market on April 26
2024-4-26
Copper: The spot copper price in Foshan market has risen sharply today, and there is a demand for replenishment in the market near the May Day holiday. However, the current copper price is in the ultra-high price range, and merchants are still cautious in purchasing. At present, the domestic copper futures trading atmosphere is warm, and the market bulls continue to follow up and go long. Also, BHP Billiton, an overseas mining giant, proposed to acquire Anglo American with the intention of building the world's largest copper miner, which triggered the enthusiasm of speculative funds to do more. The analysis predicts that the short-term copper price will remain strong and volatile. However, the high copper price has restrained the demand in the spot market, and the market has a strong wait-and-see attitude. Some merchants who need to buy raw materials or deliver goods can only operate on the market with them, and Guangdong Electric Copper continues to maintain a premium over 200 yuan. In the short term, traders pay attention to the pre-holiday material preparation.
Aluminum: Today, the price of aluminum in Foshan market rose further, and the price performance fluctuated strongly. Under the influence of some factors, such as the emergence of monthly demand and bad weather affecting transportation, the current aluminum trading in Guangdong market has improved compared with the previous period, but it still remains at a discount to 100 yuan. At present, traders are concerned about the material preparation situation of aluminum plants before May Day. If the demand for material preparation is good, it will support the rise of aluminum prices.
Zinc: The price of zinc continues to rise, and the fear of heights hangs over the market. The goods-holders actively offer foreign prices, the middlemen lower the prices to receive goods, and the purchase volume is not large, which leads to a stalemate between the supply and demand sides. The manufacturers carefully purchase according to the orders, and the overall market transaction is tepid. The problem of tight mineral resources continues, and the geopolitical situation and international situation are unstable. Pay attention to the direction of gold, and the overall direction is still bullish.
Stainless Steel: LME nickel has unconsciously exceeded $19,000, and domestic SHFE nickel and stainless steel have rebounded with the momentum. Stainless steel has once again exerted its strength, and the spot market price has been slightly raised one after another. The scrap industry has reappeared a positive trading atmosphere, and manufacturers are active in inquiry and replenishment. Under the support of the demand for replenishment, the price of stainless steel is likely to rise further. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, and the price performance fluctuated strongly. Under the influence of some factors, such as the emergence of monthly demand and bad weather affecting transportation, the current aluminum trading in Guangdong market has improved compared with the previous period, but it still remains at a discount to 100 yuan. At present, traders are concerned about the material preparation situation of aluminum plants before May Day. If the demand for material preparation is good, it will support the rise of aluminum prices.
Zinc: The price of zinc continues to rise, and the fear of heights hangs over the market. The goods-holders actively offer foreign prices, the middlemen lower the prices to receive goods, and the purchase volume is not large, which leads to a stalemate between the supply and demand sides. The manufacturers carefully purchase according to the orders, and the overall market transaction is tepid. The problem of tight mineral resources continues, and the geopolitical situation and international situation are unstable. Pay attention to the direction of gold, and the overall direction is still bullish.
Stainless Steel: LME nickel has unconsciously exceeded $19,000, and domestic SHFE nickel and stainless steel have rebounded with the momentum. Stainless steel has once again exerted its strength, and the spot market price has been slightly raised one after another. The scrap industry has reappeared a positive trading atmosphere, and manufacturers are active in inquiry and replenishment. Under the support of the demand for replenishment, the price of stainless steel is likely to rise further. (Analyzed by LTIT)
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