Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 25
2024-3-25
Copper: The spot copper price in Foshan market rose slightly today. After last week's high correction, this week started, and the overall performance of copper price fluctuated at a high level. The spot market traded cautiously and waited for more directions. At present, the 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, the high copper price has curbed the willingness to take delivery downstream. At present, most copper manufacturers maintain on-demand procurement, while the holders continue to make profits by shipping at a discount, and market transactions are not active. At present, the market is most concerned about the trend of copper prices: effectively falling or accumulating strength after a slight decline? At present, traders remain still bullish, and it is expected that demand will improve in the second quarter, and the big investment banks are optimistic about copper prices.
Aluminum: Today, the aluminum price in Foshan market is stable, and the overall trend is still strong. The domestic real estate policy is positive, and the Standing Committee of the National People's Congress has made it clear that it will further optimize relevant policies and systematically plan support measures. In the near future, the social inventory of aluminum ingots is expected to start to go to the stock market, thus verifying the expectation of demand recovery in the seasonal peak season of "Golden March and Silver April", which may support the aluminum price to continue to rise in the short term.
Zinc: SHFE zinc fluctuated at a high level, and the wait-and-see atmosphere in the market remained unchanged. Traders were more cautious in receiving goods and basically maintained low inventory operations. Most of them made inquiries after receiving orders. Downstream manufacturers were worried about the price of zinc in the after-market, and mostly waited and saw, with low purchasing enthusiasm and stable market transactions. Under the mixed news, zinc prices are expected to remain volatile in the short term.
Stainless Steel: The nickel price continued to pull back, which dragged down the weak decline of stainless steel futures, the cautious mood in the spot market warmed up, and the scrap trading was on the wait-and-see atmosphere. Traders generally turned to anti-risk operation, and the low-priced goods were less in circulation and had strong support. At present, the contradiction of stainless steel lies in the demand side, the demand is less than expected, and the short-term weakness is difficult to change. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the overall trend is still strong. The domestic real estate policy is positive, and the Standing Committee of the National People's Congress has made it clear that it will further optimize relevant policies and systematically plan support measures. In the near future, the social inventory of aluminum ingots is expected to start to go to the stock market, thus verifying the expectation of demand recovery in the seasonal peak season of "Golden March and Silver April", which may support the aluminum price to continue to rise in the short term.
Zinc: SHFE zinc fluctuated at a high level, and the wait-and-see atmosphere in the market remained unchanged. Traders were more cautious in receiving goods and basically maintained low inventory operations. Most of them made inquiries after receiving orders. Downstream manufacturers were worried about the price of zinc in the after-market, and mostly waited and saw, with low purchasing enthusiasm and stable market transactions. Under the mixed news, zinc prices are expected to remain volatile in the short term.
Stainless Steel: The nickel price continued to pull back, which dragged down the weak decline of stainless steel futures, the cautious mood in the spot market warmed up, and the scrap trading was on the wait-and-see atmosphere. Traders generally turned to anti-risk operation, and the low-priced goods were less in circulation and had strong support. At present, the contradiction of stainless steel lies in the demand side, the demand is less than expected, and the short-term weakness is difficult to change. (Analyzed by LTIT)
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