Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 23
2024-2-23
Copper: Today, the spot copper price in Foshan market continued to rise, and the post-holiday trend fluctuated strongly, boosting the positive sentiment of market transactions. At present, the continuous decline of the US dollar index and the optimism of domestic policies have strongly supported the rise of copper prices. The traders are generally optimistic about the recovery of consumption in the copper market after the holiday. It is expected that the operating rate of copper enterprises will basically return to normal next week. Under optimistic expectations, the enthusiasm of copper manufacturers and traders for enquiries will be significantly improved compared with the beginning of the week, and spot transactions will also pick up. However, some copper enterprises tend to be cautious in purchasing after the continuous small increase in copper prices after the holiday, and there is a phenomenon of underpricing purchases. Spot electrolytic copper continued to be slightly discounted. At present, the market generally expects that there is still room for copper prices to rise, and the SHFE copper mark of 70,000 yuan may become a short-term target.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rose, and it suffered a short-term correction under the pressure of profit-taking, but then the price rose again. It can be seen that the market is optimistic about the recent aluminum price and the demand is relatively stable. Due to the lack of material preparation years ago, there is a demand for replenishment in factories and enterprises at present. It is predicted that with the full-scale construction next week, the demand in the aluminum market may increase substantially, which is conducive to the increase in aluminum prices.
Zinc: The price of zinc fluctuated at a low level. After the long holiday, merchants started to open the market one after another, the market operating rate gradually recovered, and traders generally actively shipped. In view of the fact that the operating rate of downstream zinc manufacturers is still low, the supply and demand sides of the market are deadlocked, and the market turnover rebounded slowly. The bottom support of zinc price has been strengthened, and downstream enterprises have resumed work one after another. With the improvement of cost support and consumption, zinc price may rise at a low level.
Stainless Steel: LME nickel broke through $17,000 and rose to a new high in the past four months, domestic SHFE nickel rose by 5,000, stainless steel futures rose with the trend, the scrap market followed carefully, and the traders generally held the goods for growth, and the market rose with the trend. At present, the macro news is hyped, with the actual market demand to be restored, and attention should be paid to the post-holiday demand follow-up situation. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rose, and it suffered a short-term correction under the pressure of profit-taking, but then the price rose again. It can be seen that the market is optimistic about the recent aluminum price and the demand is relatively stable. Due to the lack of material preparation years ago, there is a demand for replenishment in factories and enterprises at present. It is predicted that with the full-scale construction next week, the demand in the aluminum market may increase substantially, which is conducive to the increase in aluminum prices.
Zinc: The price of zinc fluctuated at a low level. After the long holiday, merchants started to open the market one after another, the market operating rate gradually recovered, and traders generally actively shipped. In view of the fact that the operating rate of downstream zinc manufacturers is still low, the supply and demand sides of the market are deadlocked, and the market turnover rebounded slowly. The bottom support of zinc price has been strengthened, and downstream enterprises have resumed work one after another. With the improvement of cost support and consumption, zinc price may rise at a low level.
Stainless Steel: LME nickel broke through $17,000 and rose to a new high in the past four months, domestic SHFE nickel rose by 5,000, stainless steel futures rose with the trend, the scrap market followed carefully, and the traders generally held the goods for growth, and the market rose with the trend. At present, the macro news is hyped, with the actual market demand to be restored, and attention should be paid to the post-holiday demand follow-up situation. (Analyzed by LTIT)
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