Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 15
2024-3-15
Copper: Today, the spot copper price in Foshan market has obviously narrowed, and the market caution has also warmed up. Today, SHFE copper is still running strongly above 72,000 yuan, and the market is bullish. Investors and funds are still going long with copper market, which has ushered in a long-lost sharp rise. However, the sharp rise has also raised the market's fear of high, and the trading tends to be cautious. The expected reduction of refinery production in China strongly deflagrated the copper market, and some arbitrage traders also bought SHFE copper while selling LME copper. The centralized admission of multi-party funds further promoted the rise of copper prices. However, after the sharp rise in copper prices, the risks will also increase. Merchants in the spot copper market are generally worried that the current rise in copper prices is difficult to sustain. Most of the holders are eager to increase their shipments, but buyers are cautious in receiving goods.
Aluminum: Today, the aluminum price in Foshan market has not changed much. SHFE aluminum has continued to fluctuate at a high level this week, and the overall market is still strong. However, the recovery of downstream consumption is slow and high-priced aluminum inhibits the trading enthusiasm of the market. At present, it is difficult for traders to fully follow up the high aluminum price, and the purchasing demand is gradually weakening. Although the goods-holders try to keep the price high, the effect is limited, and the overall market transaction is slack
Zinc: Recently, with the support of domestic equipment renewal and trade-in policy, the price of SHFE zinc continued to rise, and the production reduction and overhaul plan of superimposed smelters was fulfilled one after another. The output growth in March was limited, which boosted the price-holding sentiment of the goods holders and drove the spot price to rise. However, with the price rising, the downstream fear of heights and cautious mining intensified, and traders were more cautious in receiving goods and basically maintained low inventory operations.
Stainless Steel: The positive atmosphere is strong, and the nickel price keeps a strong trend of shock. The stainless steel market is weak, and the spot finished products are still under preferential treatment, which continues to reduce the profit margin of steel mills. The scrap market has taken advantage of the situation and manufacturers have kept prices down one after another. Investors remain bearish, even if the current low-priced goods are less in circulation, it is difficult to stop the price from continuing to fall. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has not changed much. SHFE aluminum has continued to fluctuate at a high level this week, and the overall market is still strong. However, the recovery of downstream consumption is slow and high-priced aluminum inhibits the trading enthusiasm of the market. At present, it is difficult for traders to fully follow up the high aluminum price, and the purchasing demand is gradually weakening. Although the goods-holders try to keep the price high, the effect is limited, and the overall market transaction is slack
Zinc: Recently, with the support of domestic equipment renewal and trade-in policy, the price of SHFE zinc continued to rise, and the production reduction and overhaul plan of superimposed smelters was fulfilled one after another. The output growth in March was limited, which boosted the price-holding sentiment of the goods holders and drove the spot price to rise. However, with the price rising, the downstream fear of heights and cautious mining intensified, and traders were more cautious in receiving goods and basically maintained low inventory operations.
Stainless Steel: The positive atmosphere is strong, and the nickel price keeps a strong trend of shock. The stainless steel market is weak, and the spot finished products are still under preferential treatment, which continues to reduce the profit margin of steel mills. The scrap market has taken advantage of the situation and manufacturers have kept prices down one after another. Investors remain bearish, even if the current low-priced goods are less in circulation, it is difficult to stop the price from continuing to fall. (Analyzed by LTIT)
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