Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 20
2024-3-20
Copper: The spot copper price in Foshan market has fallen across the board today, and the cautious mood in the market has warmed up. Under the interweaving pressure of long-term lock-in profit and dollar rise, LME copper retreated from Monday's stage high of $9,164 to the lowest of $8,944, with a cumulative decline of $220. At home, the copper prices in the two markets fell under pressure. At present, the Federal Reserve's monetary policy meeting has become the focus of the market, and investors are eagerly waiting for the results of the meeting to obtain future policy guidance. At the same time, the weak reality of the domestic copper market is obvious, which has suppressed the copper price to some extent. At present, the recovery of downstream demand is slow, the seasonal accumulation of stocks exceeds expectations, the inflection point of accumulation of stocks may be delayed, and the arrival of stocks in peak season may be less than expected. In addition, the downstream fear of high prices is obvious, and merchants are cautious in purchasing goods, waiting for the news to be clear.
Aluminum: Today, the aluminum price in Foshan market continues to be stable. Although the price is still at a high level, the motivation for further price increase is obviously insufficient. At present, there is no bright spot in the downstream consumption of aluminum market, and the high aluminum price inhibits the market demand, and the cargo holders actively ship and realize to ease the inventory pressure, resulting in relatively loose spot circulation. However, the downstream market is not strong enough, and buyers wait and see.
Zinc: The US dollar continues to rise to suppress the price of zinc, so traders are extremely cautious in receiving goods, and most of them make inquiries only after receiving orders. The downstream manufacturers have insufficient confidence in the after-market price of zinc, and wait and see to purchase on demand, and the transaction is dull. Attention should be paid to the progress of seasonal accumulation in China and the Federal Reserve's monetary policy for guidance. Zinc failed to break through the previous high, and zinc prices are expected to continue to decline.
Stainless Steel: Supply concerns eased, the center of gravity of nickel price shock fell, LME nickel fell for several days, SHFE nickel fell off the 140 thousand mark, and stainless steel futures fell again. The spot trading situation has turned sharply, steel belts have been rushed for preferential delivery, the cautious mood in the waste industry has suddenly risen, manufacturers have generally withdrawn from high prices, the circulation of goods is still tight, and buyers and sellers continue to stalemate. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to be stable. Although the price is still at a high level, the motivation for further price increase is obviously insufficient. At present, there is no bright spot in the downstream consumption of aluminum market, and the high aluminum price inhibits the market demand, and the cargo holders actively ship and realize to ease the inventory pressure, resulting in relatively loose spot circulation. However, the downstream market is not strong enough, and buyers wait and see.
Zinc: The US dollar continues to rise to suppress the price of zinc, so traders are extremely cautious in receiving goods, and most of them make inquiries only after receiving orders. The downstream manufacturers have insufficient confidence in the after-market price of zinc, and wait and see to purchase on demand, and the transaction is dull. Attention should be paid to the progress of seasonal accumulation in China and the Federal Reserve's monetary policy for guidance. Zinc failed to break through the previous high, and zinc prices are expected to continue to decline.
Stainless Steel: Supply concerns eased, the center of gravity of nickel price shock fell, LME nickel fell for several days, SHFE nickel fell off the 140 thousand mark, and stainless steel futures fell again. The spot trading situation has turned sharply, steel belts have been rushed for preferential delivery, the cautious mood in the waste industry has suddenly risen, manufacturers have generally withdrawn from high prices, the circulation of goods is still tight, and buyers and sellers continue to stalemate. (Analyzed by LTIT)
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