Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 28
2024-3-28
Copper: spot copper price in Foshan market rose moderately today; Short-term funds wait and see, but continue to look at the multi-copper market, while electric copper continues to discount recycled copper products at a low price. According to factories and enterprises, except for quarterly settlement demand, it is difficult to depress the price because there are few recycled copper products and the risk of falling back in the early stage is released. What the market is worried about in the near future is the risks brought by exchange rate fluctuations and international wars under the strong US dollar reserve and the strong US dollar index. However, for the comprehensive direction in the second quarter, it is expected that the short-term copper will still be supported by 8,900 US dollars and 72,000 yuan, waiting for more news and favorable guidance.
Aluminum: The spot aluminum price in Foshan market rose slightly today. At present, the aluminum price continues to fluctuate at a high level, but the capital operation is still slightly cautious on the eve of entering the second quarter; Recently, sufficient supply has led to the sale of aluminum at a premium, but the expectation of favorable follow-up policies still has a strong support point for the metal market. It is expected that the short-term oscillation and wait-and-see direction of aluminum will still be slightly stronger.
Zinc: The rebound of zinc price has stimulated the enthusiasm of market purchasing. Downstream manufacturers have entered the market on dips to replenish their stocks. Recently, news has dominated the market. The unstable price of zinc has made purchasing still cautious, with few purchases and good overall market transactions.
Stainless Steel: Dragged down by the continuous decline in peripheral nickel prices, SHFE nickel fell below the 13,000 mark, and stainless steel futures rose against the trend. At the end of the month, there was limited room for improvement in spot market transactions, and the price reduction situation in the scrap industry eased slightly. The overall situation was temporarily on the sidelines, and the market was stable. (Analyzed by LTIT)
Aluminum: The spot aluminum price in Foshan market rose slightly today. At present, the aluminum price continues to fluctuate at a high level, but the capital operation is still slightly cautious on the eve of entering the second quarter; Recently, sufficient supply has led to the sale of aluminum at a premium, but the expectation of favorable follow-up policies still has a strong support point for the metal market. It is expected that the short-term oscillation and wait-and-see direction of aluminum will still be slightly stronger.
Zinc: The rebound of zinc price has stimulated the enthusiasm of market purchasing. Downstream manufacturers have entered the market on dips to replenish their stocks. Recently, news has dominated the market. The unstable price of zinc has made purchasing still cautious, with few purchases and good overall market transactions.
Stainless Steel: Dragged down by the continuous decline in peripheral nickel prices, SHFE nickel fell below the 13,000 mark, and stainless steel futures rose against the trend. At the end of the month, there was limited room for improvement in spot market transactions, and the price reduction situation in the scrap industry eased slightly. The overall situation was temporarily on the sidelines, and the market was stable. (Analyzed by LTIT)
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