Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 5
2024-2-5
Copper: Today, the spot copper price in Foshan market continues to fall, and market transactions continue to be cautious. Near the Spring Festival holiday, with a large range of rain and snow in China, transportation is greatly affected. At present, factories and enterprises have basically entered the holiday cycle, and the purchase of big hands has basically been suspended, waiting for the opening situation after the holiday. Due to the dull domestic demand before the holiday, copper stocks began to accumulate. SHFE copper stocks surged by 36.11% to 68,777 tons, and have now increased for six weeks in a row, reaching a new high of more than six months. The stock of copper in Guangdong market continued to increase to about 18,563 tons. Copper prices were affected and fluctuated downward. Although the supply and demand prospects will tighten in 2024, it will support the copper price. However, global manufacturing activities are inactive, market confidence is low, and cautious trading sentiment still dominates the market trend.
Aluminum: Today, the price of aluminum in Foshan market fell under pressure. Last week, the price of aluminum fluctuated and fell, and the purchase cost fell. Some merchants seized the opportunity to complete the final preparation operation, but the overall market transaction was not prosperous, and the spot aluminum price basically maintained par trading. In the short term, the stock market and real estate industry may still bring pressure to the aluminum market, and factories and enterprises will wait for the post-holiday consumption to start.
Zinc: Dragged down by the poor financial market, the price of zinc continues to sink, and the wait-and-see atmosphere of middlemen remains unchanged. Downstream manufacturers basically stopped production, the market demand weakened, and most of them were cautious about picking goods because of fear of falling. In the case of weak market transactions, traders' enthusiasm for receiving goods was dragged down, and market transactions were dull. The short-term zinc price fluctuates due to the news, and there is little room for the overall zinc price to fall.
Stainless Steel: LME nickel continued to fall, once again approaching the $16,000 mark, SHFE nickel continued to decline under pressure, stainless steel futures were struggling to support at a low level in the shock range, the spot market was already in a holiday atmosphere, businesses and enterprises had issued holiday notices, and transactions were almost stagnant. The nickel market is subject to the pressure of oversupply, and the nickel price may test the previous low. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market fell under pressure. Last week, the price of aluminum fluctuated and fell, and the purchase cost fell. Some merchants seized the opportunity to complete the final preparation operation, but the overall market transaction was not prosperous, and the spot aluminum price basically maintained par trading. In the short term, the stock market and real estate industry may still bring pressure to the aluminum market, and factories and enterprises will wait for the post-holiday consumption to start.
Zinc: Dragged down by the poor financial market, the price of zinc continues to sink, and the wait-and-see atmosphere of middlemen remains unchanged. Downstream manufacturers basically stopped production, the market demand weakened, and most of them were cautious about picking goods because of fear of falling. In the case of weak market transactions, traders' enthusiasm for receiving goods was dragged down, and market transactions were dull. The short-term zinc price fluctuates due to the news, and there is little room for the overall zinc price to fall.
Stainless Steel: LME nickel continued to fall, once again approaching the $16,000 mark, SHFE nickel continued to decline under pressure, stainless steel futures were struggling to support at a low level in the shock range, the spot market was already in a holiday atmosphere, businesses and enterprises had issued holiday notices, and transactions were almost stagnant. The nickel market is subject to the pressure of oversupply, and the nickel price may test the previous low. (Analyzed by LTIT)
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