Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on March 6
2024-3-7
Copper: The spot copper price in Foshan market fell slightly today, and the short-term trend fluctuated weakly. China set an economic growth target of 5% in 2024, but the stimulus measures were weaker than market expectations, which disappointed traders. The superimposed dollar index held steady and suppressed, and copper prices fell slightly under pressure. At present, the demand side of the copper market is still weak. Although the Spring Festival holiday in February has ended, downstream buyers have not fully returned to the base metal market, resulting in a cold spot transaction, and it is difficult for the premium to rise and continue to explore. The trading activity among traders decreased, the shipments increased and the downstream inquiry sentiment was general with rigid demands dropping, and the inventory was expected to accumulate further, which obviously suppressed the copper price. This week, the focus was on the news of the two sessions and the speech of Powell from Federal Reserve.
Aluminum: The price of aluminum in Foshan market dropped slightly today. Under the background that the domestic macro-environment continues to improve, and with the solid support of the fundamentals of the aluminum market, SHFE aluminum has recently shown strong compression resistance. However, due to the fact that downstream consumption has not fully recovered, the market demand for aluminum is still weak, and the cargo holders have increased their shipments, and the spot price has been slightly discounted.
Zinc: Overseas mines are tight, the price of zinc fluctuates upward, the market trading atmosphere is cautious, and the demand of downstream manufacturers rises slowly, which increases the anxiety in the spot market and the overall trading atmosphere is average. With the continuous downward adjustment of processing fees, smelter profits will be under pressure, and China will enter the traditional consumption peak season, but it is still in the stage of accumulated inventory, and the price of zinc is expected to rise in the short term, so the increase rate should not be too optimistic.
Stainless Steel: Concerns about the supply of nickel ore in Indonesia eased, and the price of nickel was adjusted back at a high level. The current market of stainless steel fell in tandem with each other, and the market was temporarily bearish. The finished strip continued its downward trend, and the scrap buyers kept the attitude of keeping prices down. After the holiday, they resumed production and entered the state, the supply flow increased greatly, and the transaction price continued to fall. It is expected that the price of stainless steel will fall and the space will be limited. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market dropped slightly today. Under the background that the domestic macro-environment continues to improve, and with the solid support of the fundamentals of the aluminum market, SHFE aluminum has recently shown strong compression resistance. However, due to the fact that downstream consumption has not fully recovered, the market demand for aluminum is still weak, and the cargo holders have increased their shipments, and the spot price has been slightly discounted.
Zinc: Overseas mines are tight, the price of zinc fluctuates upward, the market trading atmosphere is cautious, and the demand of downstream manufacturers rises slowly, which increases the anxiety in the spot market and the overall trading atmosphere is average. With the continuous downward adjustment of processing fees, smelter profits will be under pressure, and China will enter the traditional consumption peak season, but it is still in the stage of accumulated inventory, and the price of zinc is expected to rise in the short term, so the increase rate should not be too optimistic.
Stainless Steel: Concerns about the supply of nickel ore in Indonesia eased, and the price of nickel was adjusted back at a high level. The current market of stainless steel fell in tandem with each other, and the market was temporarily bearish. The finished strip continued its downward trend, and the scrap buyers kept the attitude of keeping prices down. After the holiday, they resumed production and entered the state, the supply flow increased greatly, and the transaction price continued to fall. It is expected that the price of stainless steel will fall and the space will be limited. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
