Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on March 8
2024-3-8
Copper: The spot copper price in Foshan market rose further today. This week, the trend fluctuated strongly, and the market confidence picked up. Optimistic data on copper trade in China boosted market sentiment. According to customs data, the import volume of unwrought copper and copper products in China in January and February this year reached 902,000 tons, up 2.6% year-on-year, highlighting that China's import demand for copper is still stable. It is worth mentioning that it is rumored in the market that copper smelters are beginning to discuss reducing production, which will undoubtedly further strengthen the upward trend of copper prices. In the spring March, whether the "spring offensive" can be started as scheduled depends on the coordination of demand. At present, the orders of copper manufacturers have not improved significantly, and there is a certain fear of heights, and the purchases are relatively cautious, while the holders have a strong profit mentality and the transactions are still not active.
Aluminum: Today, the price of aluminum in Foshan market has risen further, which has stimulated the market's purchasing mentality to pick up. Some aluminum factories and enterprises purchase on the market with them, while the goods holders make a small profit by shipping at a discount when the supply of goods is sufficient. At present, it has entered the peak season of traditional demand, and consumption recovery is expected. Driven by the recovery of demand, it is expected that the social inventory of aluminum ingots will begin to decrease in mid-March.
Zinc: SHFE zinc showed strong performance, middlemen and traders were still worried about the trend of zinc market in the future, and they were cautious in purchasing. Most downstream manufacturers maintained on-demand procurement, and some manufacturers replenished their stocks in moderation. The overall transaction volume changed little compared with yesterday. 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 is not worthy of optimism.
Stainless Steel: Nickel prices have been boosted by the disturbance of the expected interest rate cut by the Federal Reserve. As the futures market rises, the market decline slows down, the cost support gradually plays a role, and the rigid demand may also make up for it while it is low. The market will wait for the callback and then exert its strength again. Short-term SHFE nickel is boosted by macro atmosphere to maintain a high level, but it is still necessary to be alert to the pressure brought by the overall surplus.
Aluminum: Today, the price of aluminum in Foshan market has risen further, which has stimulated the market's purchasing mentality to pick up. Some aluminum factories and enterprises purchase on the market with them, while the goods holders make a small profit by shipping at a discount when the supply of goods is sufficient. At present, it has entered the peak season of traditional demand, and consumption recovery is expected. Driven by the recovery of demand, it is expected that the social inventory of aluminum ingots will begin to decrease in mid-March.
Zinc: SHFE zinc showed strong performance, middlemen and traders were still worried about the trend of zinc market in the future, and they were cautious in purchasing. Most downstream manufacturers maintained on-demand procurement, and some manufacturers replenished their stocks in moderation. The overall transaction volume changed little compared with yesterday. 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 is not worthy of optimism.
Stainless Steel: Nickel prices have been boosted by the disturbance of the expected interest rate cut by the Federal Reserve. As the futures market rises, the market decline slows down, the cost support gradually plays a role, and the rigid demand may also make up for it while it is low. The market will wait for the callback and then exert its strength again. Short-term SHFE nickel is boosted by macro atmosphere to maintain a high level, but it is still necessary to be alert to the pressure brought by the overall surplus.
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!
