Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 14
2024-3-14
Copper: Today, the spot copper price in Foshan market ushered in a long-lost sharp rise, but the sharp rise also made the market fear of high sentiment rise, and the trading was cautious. The expected reduction of refinery production in China strongly deflagrated the copper market, which aggravated the market's worries about the shortage of supply, and then pushed up the rise of copper prices. LME copper hit a high of $8,976, while SHFE copper hit a maximum of 72,470 yuan/ton. However, copper prices at home and abroad showed a slight correction after hitting a new stage high. It can be seen that the market has not recognized the current high copper prices, and the short-term trend may be more repeated. The spot market is also mostly cautious in the face of this surge in copper prices, and the goods holders are eager to increase their shipments, but most copper manufacturers are mainly selling goods at lower prices, fearing that the short-term copper prices will be profitable and the market transactions will be less active.
Aluminum: The price of aluminum in Foshan market rose further today, mainly driven by the rise of the metal market. At present, the upward pressure on the aluminum market is still obvious, the market supply is still sufficient, and the market demand has not improved significantly, which has suppressed the rise of aluminum prices. However, with the continuous fluctuation of aluminum prices, some aluminum manufacturers have also made up their positions on the market, which has partially supported the aluminum prices.
Zinc: Driven by the sharp increase in copper prices, the price of zinc in Foshan market continues to rise today, and traders are more cautious in receiving goods, mainly maintaining existing inventory operations. The downstream materials manufacturers are more afraid of heights, and their purchasing enthusiasm is not high. They purchase in small quantities according to orders, and the overall market trading atmosphere is general.
Stainless Steel: Nickel and stainless steel go in different ways, and the futures market has risen and fallen. Stainless steel continued its weak performance, the price of steel strip continued to report low, the pressure on waste materials increased, the market waited and saw, the manufacturers and buyers in the industry kept the price down, and the transaction price continued to drop. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose further today, mainly driven by the rise of the metal market. At present, the upward pressure on the aluminum market is still obvious, the market supply is still sufficient, and the market demand has not improved significantly, which has suppressed the rise of aluminum prices. However, with the continuous fluctuation of aluminum prices, some aluminum manufacturers have also made up their positions on the market, which has partially supported the aluminum prices.
Zinc: Driven by the sharp increase in copper prices, the price of zinc in Foshan market continues to rise today, and traders are more cautious in receiving goods, mainly maintaining existing inventory operations. The downstream materials manufacturers are more afraid of heights, and their purchasing enthusiasm is not high. They purchase in small quantities according to orders, and the overall market trading atmosphere is general.
Stainless Steel: Nickel and stainless steel go in different ways, and the futures market has risen and fallen. Stainless steel continued its weak performance, the price of steel strip continued to report low, the pressure on waste materials increased, the market waited and saw, the manufacturers and buyers in the industry kept the price down, and the transaction price continued to drop. (Analyzed by LTIT)
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