Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 26
2024-2-26
Copper: The spot copper price in Foshan market fell slightly today, and the market trading continued to be cautious. After last week's copper surge, it fell due to the pressure of profit-taking disk at the stage high level, and the large increase of SHFE copper inventory was also the main decline factor. Last week, copper inventories rose more than expected by 94,800 tons to 181,300 tons, reaching a new high since late March 2023, further increasing the downward pressure on copper prices and reflecting the weak demand in the copper market. After the holiday, the spot market transactions were tepid, the replenishment scale of downstream enterprises was limited, only retail orders were sold, and the market activity was insufficient. In the short term, the resistance of SHFE copper 70,000 yuan is still obvious. However, at present, the Lantern Festival has passed, and the spot copper market has entered a comprehensive construction cycle. The market expects that the demand for copper market will improve accordingly.
Aluminum: Today, the price of aluminum in Foshan market has fallen again, and the short-term trend is more repeated. At present, the consumption of domestic aluminum market is slowly recovering, and the accumulated inventory has not yet ended. There is still pressure on the short-term aluminum price trend, and the price may continue to fluctuate within a narrow range. However, after the Lantern Festival, the aluminum market demand is expected to improve, and the domestic measures to continuously release favorable real estate are conducive to the rise of aluminum prices in the after-market.
Zinc: Zinc fluctuated within a narrow range, and traders still didn't receive much goods. They mainly kept buying and selling now, and only made inquiries in the market when the orders were fulfilled. The downstream zinc manufacturers were also relatively cautious, and most of the transactions came from traders and middlemen, and the market demand remained stable. The bottom support of zinc price has been strengthened, downstream enterprises have resumed work one after another, and zinc price may rise at a low level.
Stainless Steel: The news of sanctions against Russia in Europe and the United States faded, and the speculation in the nickel market cooled down. It is expected that the price increase of nickel will be limited, but the center of gravity will move up. SHFE nickel and stainless steel futures fell, and the price increase momentum in the spot market immediately weakened. After the festival, the recycling sites in the waste industry resumed work one after another. It is expected that the circulation of goods will gradually increase, and with the recovery of popularity, supply and demand will rise accordingly. ( Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has fallen again, and the short-term trend is more repeated. At present, the consumption of domestic aluminum market is slowly recovering, and the accumulated inventory has not yet ended. There is still pressure on the short-term aluminum price trend, and the price may continue to fluctuate within a narrow range. However, after the Lantern Festival, the aluminum market demand is expected to improve, and the domestic measures to continuously release favorable real estate are conducive to the rise of aluminum prices in the after-market.
Zinc: Zinc fluctuated within a narrow range, and traders still didn't receive much goods. They mainly kept buying and selling now, and only made inquiries in the market when the orders were fulfilled. The downstream zinc manufacturers were also relatively cautious, and most of the transactions came from traders and middlemen, and the market demand remained stable. The bottom support of zinc price has been strengthened, downstream enterprises have resumed work one after another, and zinc price may rise at a low level.
Stainless Steel: The news of sanctions against Russia in Europe and the United States faded, and the speculation in the nickel market cooled down. It is expected that the price increase of nickel will be limited, but the center of gravity will move up. SHFE nickel and stainless steel futures fell, and the price increase momentum in the spot market immediately weakened. After the festival, the recycling sites in the waste industry resumed work one after another. It is expected that the circulation of goods will gradually increase, and with the recovery of popularity, supply and demand will rise accordingly. ( Analyzed by LTIT)
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