Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 22
2024-2-22
Copper: Today, the spot copper price in Foshan market rose further, and the post-holiday performance fluctuated strongly, and the market trading sentiment continued to improve. LME copper stocks maintained a downward trend, which boosted copper prices, while SHFE copper passively followed the upward trend, adding to the optimism of domestic policies, especially the lower LPR over five years in February, which greatly stimulated credit demand, boosted the depressed real estate market and enhanced market confidence. In addition, the recovery of the domestic stock market has further stimulated the trading enthusiasm of the copper market, and the market is active. With the start of downstream factories and the active participation of traders, the market atmosphere is gradually warming up. It is expected that there will still be room for short-term copper prices to rise, and SHFE copper will reach the 70,000 yuan mark or become a short-term target.
Aluminum: Today, the aluminum price in Foshan market fell across the board. After the aluminum price surged sharply, it was suppressed by the profit-taking market, and the price fell again, making the market trading atmosphere cautious again. After the holiday, the downstream demand of aluminum market has not fully recovered, and merchants are still not active in purchasing, while traders tend to lower prices to receive goods. In the context of insufficient demand, the market activity has weakened, and aluminum prices may fall under pressure.
Zinc: The price of zinc is kept at a low level and consolidated in a narrow range, and the market is gradually recovering. The price of zinc has not changed much after the long holiday, and traders are generally active in shipping. In view of the fact that the operating rate of downstream zinc manufacturers is still low, the supply and demand sides of the market are deadlocked, and there are still few market transactions.
Stainless Steel: The news of new sanctions against Russia in Europe and the United States stimulated the price of nickel to rise, LME nickel approached 17,000 US dollars again, domestic SHFE nickel regained the 130,000 mark, stainless steel futures continued to rise, the price increase of spot strip was dragged down by the transaction, the scrap market tended to be high, and the demand popularity still needed to be restored. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market fell across the board. After the aluminum price surged sharply, it was suppressed by the profit-taking market, and the price fell again, making the market trading atmosphere cautious again. After the holiday, the downstream demand of aluminum market has not fully recovered, and merchants are still not active in purchasing, while traders tend to lower prices to receive goods. In the context of insufficient demand, the market activity has weakened, and aluminum prices may fall under pressure.
Zinc: The price of zinc is kept at a low level and consolidated in a narrow range, and the market is gradually recovering. The price of zinc has not changed much after the long holiday, and traders are generally active in shipping. In view of the fact that the operating rate of downstream zinc manufacturers is still low, the supply and demand sides of the market are deadlocked, and there are still few market transactions.
Stainless Steel: The news of new sanctions against Russia in Europe and the United States stimulated the price of nickel to rise, LME nickel approached 17,000 US dollars again, domestic SHFE nickel regained the 130,000 mark, stainless steel futures continued to rise, the price increase of spot strip was dragged down by the transaction, the scrap market tended to be high, and the demand popularity still needed to be restored. (Analyzed by LTIT)
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