Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 28
2024-2-28
Copper: The spot copper price in Foshan market is stable today, and the price continues to fluctuate at a high level. The China two sessions are just around the corner, and the market is generally optimistic. Investors generally believe that the two sessions will introduce more favorable economic stimulus measures, which will greatly boost market sentiment. Affected by this, investment funds have poured into the copper market to go long, which has obviously boosted the rise of copper prices. However, the sluggish demand and the surge in inventory have limited the price increase, and copper prices may continue to fluctuate until there are obvious signs of demand recovery in China's construction season. In order to support short-term and medium-term demand growth, commodity-intensive stimulus measures are still needed. Therefore, copper prices are expected to continue to fluctuate in the short term, waiting for the full recovery of post-holiday demand.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the short-term price continued to fluctuate within a narrow range, waiting for more directions. Recently, the SHFE aluminum market has been suppressed by short-term long-term profit-taking and post-holiday inventory accumulation, and the trading focus has moved down, but the overall low inventory level and optimistic policy expectations limit the decline in aluminum prices. It is expected that aluminum prices will continue to fluctuate in the short term.
Zinc: Macro-mood is picking up, zinc price is running at a high level, and the cargo carrier keeps a positive attitude towards shipment. Recently, zinc price has risen slightly, but the trend is still unstable, resulting in a strong wait-and-see mood in the downstream, and the transaction volume has increased in case of replenishment at a low price. As the two sessions approach, traders expect more stimulus policies to be released, downstream enterprises will resume work one after another, and zinc prices may continue to rally under the improvement of cost support and consumption.
Stainless Steel: Stainless steel futures regained their strength and broke through 14,000. In addition, the opening of steel mills exceeded market expectations, and the bullish atmosphere suddenly rose. The spot plate and strip prices rose, but the scrap transaction was weak, manufacturers were cautious in purchasing, and the transaction was deadlocked. It is expected that the spot price will run strongly in the short term, and we should pay attention to whether the market demand can accept the price increase continuously. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the short-term price continued to fluctuate within a narrow range, waiting for more directions. Recently, the SHFE aluminum market has been suppressed by short-term long-term profit-taking and post-holiday inventory accumulation, and the trading focus has moved down, but the overall low inventory level and optimistic policy expectations limit the decline in aluminum prices. It is expected that aluminum prices will continue to fluctuate in the short term.
Zinc: Macro-mood is picking up, zinc price is running at a high level, and the cargo carrier keeps a positive attitude towards shipment. Recently, zinc price has risen slightly, but the trend is still unstable, resulting in a strong wait-and-see mood in the downstream, and the transaction volume has increased in case of replenishment at a low price. As the two sessions approach, traders expect more stimulus policies to be released, downstream enterprises will resume work one after another, and zinc prices may continue to rally under the improvement of cost support and consumption.
Stainless Steel: Stainless steel futures regained their strength and broke through 14,000. In addition, the opening of steel mills exceeded market expectations, and the bullish atmosphere suddenly rose. The spot plate and strip prices rose, but the scrap transaction was weak, manufacturers were cautious in purchasing, and the transaction was deadlocked. It is expected that the spot price will run strongly in the short term, and we should pay attention to whether the market demand can accept the price increase continuously. (Analyzed by LTIT)
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