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Metal scraps performances in Foshan market on Mar 24
2020-3-24

Coppe:Today, the price of recycled copper in Foshan market stopped falling and rebounded, and the worries in the market eased somewhat. The favorable policy finally took effect. In recent days, the copper market has gone up and down like a roller coaster. As the spread of the new crown epidemic has accelerated in the world, the panic in the market has increased and the traders are confused about the short-term copper market trend. Today's unlimited QE from the Federal Reserve and the news of "voting on the aid bill as soon as Tuesday" brought good news to the market, and copper prices rebounded again. However, the fundamentals of the domestic copper market are currently in a situation of weak supply and demand, and the market is limited in strength. Due to insufficient consumption power, the current electrolytic copper stock in Guangdong market has exceeded 100,000 tons, which has suppressed the rise in copper prices. Copper manufacturers in the lower reaches of the river are still afraid of falling, and prices for receiving goods are generally not high.

 

Aluminum:Today, the aluminum price in Foshan market is stable. While the copper price is rebounding positively, the aluminum price is still calm, which suppresses the market trading mood. At present, the fundamentals of the aluminum market are weak on the whole, and the social inventory of electrolytic aluminum in the whole country shows a continuous increasing trend, which has now risen to 1.65 million tons, an increase of 1 million tons compared with that before the Spring Festival, thus putting heavy pressure on the domestic aluminum price.

 

ZincToday, the price of zinc in Foshan's market stopped falling and picked up again. Zinc holders continued to keep a positive attitude of delivery, but zinc manufacturers and traders were cautious in receiving the goods. As the spread of the epidemic is accelerating, the market is still worried about the possibility of a drop in short-term zinc prices. Although the current zinc price is at a relatively low level, it is still not in a hurry to bottom up and replenish. The market is cautious and has a strong wait-and-see mood, with limited improvement in transactions.

 

stainless steel Today, the price of scrap stainless steel in Foshan market fell slightly further as nickel prices continued to fall. At present, the domestic demand for stainless steel is weak, steel mills have lowered the prices of their products, the stainless steel scrap market is under heavy pressure, manufacturers have lowered the prices of their products, some manufacturers have even suspended the receipt of goods, and they are generally worried that there is still room for a drop in short-term prices.

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