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| Metal scraps performances in Foshan market on March 22 |
| 2024-3-22 |
Copper: Today, the spot copper price in Foshan market fell across the board, and the trend fluctuated weakly this week, but overall, the copper price remained in a high price range. Copper stocks in China are accumulating, and the supply of copper in the market gradually exceeds the actual demand, which leads to the pattern of oversupply and puts pressure on the rise of copper prices. At the same time, high copper prices curb the willingness of downstream delivery. Due to the soaring copper price, the procurement cost of downstream enterprises has increased significantly, which makes many enterprises cautious about copper procurement and lack the motivation to actively enter the market to buy. The trading atmosphere in the market is also relatively low, and the buying support is insufficient. Therefore, under the double attack of oversupply and weak demand, it is difficult for copper prices to maintain their upward trend, and it is still necessary to guard against the risk of high profit in the short term.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the social inventory of aluminum in the country has continued to increase slightly. Cargo holders are eager to make profits and continue to ship at a discount. Traders basically purchase on demand or settle demand, and the overall market transactions are stable and weak, with limited support for aluminum prices. The current low inventory pattern continues to support aluminum prices, and it is expected that aluminum prices will fluctuate upward in the future.
Zinc: Due to the profit of copper, the price of zinc has dropped slightly. Traders are worried about the after-market and continue to maintain a positive shipping mentality. There are not many zinc manufacturers in the downstream. Most manufacturers think that there is still room for zinc prices to fall. At present, consumer demand is not strong, and most of them remain on the sidelines, and market transactions have not changed much. The fundamentals have no favorable support for the time being, and zinc prices are mainly short-term shocks.
Stainless Steel: LME nickel fell again, stainless steel futures fluctuated weakly, steel mills were obviously willing to keep prices down, and the price of waste stainless steel was struggling to support. On the one hand, nickel price was still at a relatively high level, and the center of gravity of raw material price cost moved up; On the other hand, the mentality of reluctant to sell at low prices leads to tight market supply circulation. Scrap stainless steel bears the price under the joint action of all factors. (Analyzed by LTIT)
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2024-5-3
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Item |
SHFE |
Change |
Cu |
288340 |
+842 |
Al |
222585 |
-1274 |
Zn |
128642 |
+850 |
Item |
LME |
Change |
Cu |
111300 |
-3975 |
Al |
487750 |
-1500 |
Zn |
253975 |
-900 |
Ni |
79920 |
+1140 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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