Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on February 21
2024-2-21
Copper: The spot copper price in Foshan market rose in an all-round way today, and the trading mood in the market improved. The downward adjustment of this round of mortgage interest rate far exceeds market expectations, which is undoubtedly a positive signal for China's economy and metal demand. After the Spring Festival, the operating rate of copper enterprises increased significantly to stimulate demand to pick up. Most major investment banks are optimistic about the trend of copper prices in the new year, and copper prices rose, with LME copper reaching a high of $8,544 and SHFE copper main contract reaching a high of 69,000 yuan. At present, although domestic copper stocks are increasing, the base is still low, and the enthusiasm of downstream bargain-hunting has improved. These factors have brought optimistic expectations to the metal market and supported the rise of copper prices. According to the analysis, although there is still the possibility of short-term profit in the short-term copper market, the overall direction is still strong, with a big target of 70,000.
Aluminum: Today, the aluminum price in Foshan market ushered in a long-lost surge, and the main contract of SHFE aluminum rushed 19,100 yuan, which brought positive emotions to the current aluminum market. With the end of the Spring Festival holiday, the off-season atmosphere of the market has gradually subsided, and the traders are generally optimistic about the upcoming summer construction season. At present, the total inventory of SHFE aluminum is still at a low level, and the downstream gradually returns to work and increases the price of aluminum to support stocking.
Zinc: Due to the soaring aluminum price, the price of zinc is stable, and the market is holding a wait-and-see attitude. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are worried about the after-market, and the overall turnover is not large. After the Spring Festival, domestic demand has increased, and market sentiment has continued to gather. It is expected that zinc prices will bottom out soon.
Stainless Steel: The United States plans to impose sanctions on Russia, SHFE nickel and stainless steel futures rise again, and spot prices are firm. After the holiday, the trading popularity of the waste market recovered slowly, the operating rate of most recycling sites was insufficient, most workers were not in place yet, and the turnover of goods was still low. The current supply of goods is less supporting the price, but we still need to pay attention to the post-holiday demand. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market ushered in a long-lost surge, and the main contract of SHFE aluminum rushed 19,100 yuan, which brought positive emotions to the current aluminum market. With the end of the Spring Festival holiday, the off-season atmosphere of the market has gradually subsided, and the traders are generally optimistic about the upcoming summer construction season. At present, the total inventory of SHFE aluminum is still at a low level, and the downstream gradually returns to work and increases the price of aluminum to support stocking.
Zinc: Due to the soaring aluminum price, the price of zinc is stable, and the market is holding a wait-and-see attitude. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders. Downstream manufacturers are worried about the after-market, and the overall turnover is not large. After the Spring Festival, domestic demand has increased, and market sentiment has continued to gather. It is expected that zinc prices will bottom out soon.
Stainless Steel: The United States plans to impose sanctions on Russia, SHFE nickel and stainless steel futures rise again, and spot prices are firm. After the holiday, the trading popularity of the waste market recovered slowly, the operating rate of most recycling sites was insufficient, most workers were not in place yet, and the turnover of goods was still low. The current supply of goods is less supporting the price, but we still need to pay attention to the post-holiday demand. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
