Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 7
2024-3-7
Copper: Today, the spot copper price in Foshan market has risen in an all-round way, and the market trading sentiment tends to be optimistic. The continuous decline of LME inventory offset the influence of China's moderate policies. It is generally believed in the market that although the policies issued by the two sessions in China did not bring surprises and more stimulating effects to the copper market, the continuous decline of LME inventory showed the tense situation of global copper supply, which supported the copper price to some extent. In addition, traders are optimistic about the recovery of copper demand after the holiday, and the relatively stable price has also stimulated the purchasing power of the market and supported the copper price. At present, most copper manufacturers purchase on demand, and the spot electrolytic copper inventory in Guangdong market began to decline slightly. At present, traders expect that the short-term copper price trend is still strong, and the target is still 70,000.
Aluminum: Today, the aluminum price in Foshan market has stopped falling and rebounded. Most aluminum manufacturers purchase according to their needs or increase their purchases appropriately. The spot aluminum ingot inventory in Foshan market has changed from cumulative increase to slight decrease, and the demand is improving. Now it has entered March. As the "Golden March" in the traditional peak season, SHFE aluminum is expected to pick up seasonally, and the downstream operating rate will increase with the help of resumption of work and production, which will help aluminum prices rise.
Zinc: The news of the reduction in production of zinc smelters in South Korea pushed the price of zinc higher. Some traders were worried about the after-market and continued to maintain a positive shipping mentality. The downstream zinc manufacturers received few goods. Most manufacturers thought that the current zinc price was unstable, which failed to stimulate the market to buy, and the trading atmosphere was light.
Stainless Steel: LME nickel fluctuated in a range, and stainless steel futures were weakly adjusted. Although the decline of spot strip slowed down, the scrap market was still in a declining atmosphere. For the sake of cost and profit, large steel mills led the downward adjustment of the purchase price of molten steel, and manufacturers in the industry followed suit, and the transaction of low-priced goods was not smooth. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has stopped falling and rebounded. Most aluminum manufacturers purchase according to their needs or increase their purchases appropriately. The spot aluminum ingot inventory in Foshan market has changed from cumulative increase to slight decrease, and the demand is improving. Now it has entered March. As the "Golden March" in the traditional peak season, SHFE aluminum is expected to pick up seasonally, and the downstream operating rate will increase with the help of resumption of work and production, which will help aluminum prices rise.
Zinc: The news of the reduction in production of zinc smelters in South Korea pushed the price of zinc higher. Some traders were worried about the after-market and continued to maintain a positive shipping mentality. The downstream zinc manufacturers received few goods. Most manufacturers thought that the current zinc price was unstable, which failed to stimulate the market to buy, and the trading atmosphere was light.
Stainless Steel: LME nickel fluctuated in a range, and stainless steel futures were weakly adjusted. Although the decline of spot strip slowed down, the scrap market was still in a declining atmosphere. For the sake of cost and profit, large steel mills led the downward adjustment of the purchase price of molten steel, and manufacturers in the industry followed suit, and the transaction of low-priced goods was not smooth. (Analyzed by LTIT)
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