Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 19
2024-2-20
Copper: The spot copper price in Foshan market rose across the board today, and it was a "good start" after the holiday, which brought optimism to the industry. During the Spring Festival holiday, LME copper price rose by 2.99% to close at $8,472/ton, and SHFE copper started to make up a small increase. At present, the fundamentals of SHFE copper are still stable, but it should be noted that the substantial accumulation of SHFE copper stocks before the holiday has put some pressure on copper prices. During the Spring Festival, the demand of domestic copper market slowed down, and spot trading temporarily stagnated. As most enterprises are still in vacation mode, the demand for copper market has not yet officially started, and it is expected that copper prices will remain fluctuating within the range in the short term. Looking forward to the after-market, the market view is still optimistic. It is expected that under the support of supply and demand, copper prices will start a round of rising prices.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, mainly due to the decline in the external market. However, at present, the favorable domestic financial market has boosted the aluminum price, and the fundamentals of SHFE aluminum have stabilized, and the favorable policies still exist, coupled with measures to stimulate consumption, which has had a positive impact on the prospects of the aluminum market. It is expected that aluminum prices will remain volatile in the first week after the holiday, waiting for demand to pick up.
Zinc: The price of zinc came back on the first day of opening to continue the pre-holiday decline. Most businesses are still in the holiday period, and most market participants are cautious. Manufacturers have obvious wait-and-see mood and strong fear of falling. Today, there are few market transactions. After the Spring Festival, domestic demand has increased, and market sentiment has continued to gather. It is expected that zinc prices will bottom out soon.
Stainless Steel: After the Spring Festival, there comes a good start. SHFE nickel and stainless steel futures both rose before the holiday, and the spot market reopened for quotation. Manufacturers in the scrap industry started work one after another on auspicious days, and generally raised the receiving price. With the gradual recovery of the market, the popularity of trading has increased, and the demand is expected to pick up, and the market is picking up. (Analyzed by LTIT)
Zinc: The price of zinc came back on the first day of opening to continue the pre-holiday decline. Most businesses are still in the holiday period, and most market participants are cautious. Manufacturers have obvious wait-and-see mood and strong fear of falling. Today, there are few market transactions. After the Spring Festival, domestic demand has increased, and market sentiment has continued to gather. It is expected that zinc prices will bottom out soon.
Stainless Steel: After the Spring Festival, there comes a good start. SHFE nickel and stainless steel futures both rose before the holiday, and the spot market reopened for quotation. Manufacturers in the scrap industry started work one after another on auspicious days, and generally raised the receiving price. With the gradual recovery of the market, the popularity of trading has increased, and the demand is expected to pick up, and the market is picking up. (Analyzed by LTIT)
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