Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 7
2024-2-7
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. Near the Spring Festival holiday, copper futures continued to decline weakly due to the rising worries about the weakening demand in China. However, the decline slowed down obviously today, and it remains to be further observed whether the staged bottom has appeared. At present, the trading atmosphere in the domestic spot copper market is becoming increasingly deserted, and most copper manufacturers and traders have taken a holiday. Trading in both electrolytic copper and recycled copper markets has basically stopped, and the current copper premium and discount are temporarily in a weak state. According to the analysis, the demand prospect of copper market is full of worries, the domestic consumption will remain weak during the Spring Festival, and the short-term copper price will remain weak under the macro and micro pressure resonance.
Aluminum: Today, the price of aluminum in Foshan market unexpectedly rose, mainly due to the rebound of aluminum in the future. Before, the continuous decline in aluminum prices has significantly reduced the purchase cost, attracting many aluminum market merchants to enter the market to buy goods, boosting the last wave of material preparation climax before the festival, and supporting the aluminum price to stop falling and rise. After the upsurge of material preparation, the trading enthusiasm of aluminum market has obviously cooled down, and the traders still hold a more attitude towards the post-holiday market.
Zinc: The decline of SHFE zinc is suspended, traders and downstream zinc manufacturers are basically on holiday, the market transaction is very deserted, and the spot zinc price has been weak recently. Demand for domestic Spring Festival holiday is basically at a standstill, waiting for the effect of domestic stimulus policies to appear, and zinc prices are expected to rise after the holiday.
Stainless Steel: At present, the oversupply of nickel and the continuous pressure from accumulated stocks have put most steel enterprises in the domestic market into an atmosphere of waiting for holidays, and the operating rate has declined during the holiday season; Indonesia's presidential election in mid-February, Indonesia's nickel mine disturbance concerns still exist, and the nickel price has dropped to the bottom support. It is expected that the short-term nickel price will fluctuate within a narrow range or rise slightly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market unexpectedly rose, mainly due to the rebound of aluminum in the future. Before, the continuous decline in aluminum prices has significantly reduced the purchase cost, attracting many aluminum market merchants to enter the market to buy goods, boosting the last wave of material preparation climax before the festival, and supporting the aluminum price to stop falling and rise. After the upsurge of material preparation, the trading enthusiasm of aluminum market has obviously cooled down, and the traders still hold a more attitude towards the post-holiday market.
Zinc: The decline of SHFE zinc is suspended, traders and downstream zinc manufacturers are basically on holiday, the market transaction is very deserted, and the spot zinc price has been weak recently. Demand for domestic Spring Festival holiday is basically at a standstill, waiting for the effect of domestic stimulus policies to appear, and zinc prices are expected to rise after the holiday.
Stainless Steel: At present, the oversupply of nickel and the continuous pressure from accumulated stocks have put most steel enterprises in the domestic market into an atmosphere of waiting for holidays, and the operating rate has declined during the holiday season; Indonesia's presidential election in mid-February, Indonesia's nickel mine disturbance concerns still exist, and the nickel price has dropped to the bottom support. It is expected that the short-term nickel price will fluctuate within a narrow range or rise slightly. (Analyzed by LTIT)
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