Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 27
2024-2-27
Copper: The spot copper price in Foshan market fell further today, and the market trading continued to be cautious. Both internal and external copper stocks have accumulated to suppress prices, and investors have recently focused on inflation data in the United States, Japan and Europe, which has led to continuous fluctuations in market risk appetite, which has had a certain negative impact on metal demand prospects, and copper prices have fallen under pressure. In the short term, the market's cautious sentiment spread, which has a certain suppression effect on the trend of futures prices. However, the housing sales in China continued to decline in January. Although favorable policies were introduced, these effects could not be directly transmitted to the terminal market in a short period of time, resulting in no obvious improvement in the real estate market, which in turn affected the copper consumption demand. Short-term copper prices are still under pressure, but the expected decline is limited.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and stabilized, and the price rallied slightly. The continuous decline in prices made the purchase cost move down, which attracted buyers to improve their purchasing mentality and improved their transactions. At present, traders pay more attention to the start of new orders after the opening of the year. If the post-holiday demand starts as scheduled, the aluminum price will continue to rebound, but at this stage, the improvement of aluminum market demand is still limited.
Zinc: The price of zinc has rallied at a low level, smelters and cargo holders are still actively shipping, the overall market sentiment tends to be cautious, the transaction activity is blocked, the downstream is still mainly based on on-demand procurement, and the market transactions are mostly small orders. The US dollar index weakened, the two domestic conferences approached the market and expected the stimulus policies to be overweight. Downstream enterprises resumed work one after another, and zinc prices may continue to rally under the improvement of cost support and consumption.
Stainless Steel: LME nickel has dropped to around $17,000 with the fading news of sanctions against Russia by western countries. After the holiday, the stainless steel market continues to recover, the spot market is still quite expensive, and supply and demand need to be restored. The popularity of scrap trading has warmed up, the circulation of goods has restarted, the voice of price increase has weakened, and the transaction price has declined. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and stabilized, and the price rallied slightly. The continuous decline in prices made the purchase cost move down, which attracted buyers to improve their purchasing mentality and improved their transactions. At present, traders pay more attention to the start of new orders after the opening of the year. If the post-holiday demand starts as scheduled, the aluminum price will continue to rebound, but at this stage, the improvement of aluminum market demand is still limited.
Zinc: The price of zinc has rallied at a low level, smelters and cargo holders are still actively shipping, the overall market sentiment tends to be cautious, the transaction activity is blocked, the downstream is still mainly based on on-demand procurement, and the market transactions are mostly small orders. The US dollar index weakened, the two domestic conferences approached the market and expected the stimulus policies to be overweight. Downstream enterprises resumed work one after another, and zinc prices may continue to rally under the improvement of cost support and consumption.
Stainless Steel: LME nickel has dropped to around $17,000 with the fading news of sanctions against Russia by western countries. After the holiday, the stainless steel market continues to recover, the spot market is still quite expensive, and supply and demand need to be restored. The popularity of scrap trading has warmed up, the circulation of goods has restarted, the voice of price increase has weakened, and the transaction price has declined. (Analyzed by LTIT)
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