Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 29
2024-2-29
Copper: Today, the spot copper price in Foshan market continues to be stable, and the trading performance is cautious. After the holiday, no matter the internal and external macro aspects or the supply and demand side of the copper market itself failed to form an effective resonance, SHFE copper as a whole surged back, and the futures price fluctuated above the line of 68,000, with limited fluctuations. It is about to enter "Spring March", and traders still have expectations for the trend of the copper market. The Federal Reserve's meeting on interest rates in March is coming soon. At that time, if the attitude is biased towards pigeons, it will undoubtedly spread warmth to the market. If the attitude is biased towards eagles, it may still put pressure on copper prices. Near the two sessions in China, traders still have strong expectations for the favorable policies. If there are more favorable policies, it will boost market confidence. If the favorable policies fail or fall short of expectations, the emotional side may still be frustrated. Short-term copper prices may continue to fluctuate within a narrow range.
Aluminum: The price of aluminum in Foshan market rose slightly today. Generally speaking, the trend of aluminum price is weak recently, indicating that the current price of aluminum lacks strong upward momentum. The increase in inventory puts pressure on aluminum prices, and it will take time for the market demand to fully start. At present, aluminum factories and enterprises basically purchase on demand and hold a wait-and-see attitude. The aluminum premium in Foshan continues to fall, and it is expected that the short-term aluminum price range will fluctuate mainly.
Zinc: The stock sentiment is improving, which drives SHFE zinc to rise. The goods-holders mainly deliver goods, and the traders follow the market to purchase according to the order. The downstream zinc-using manufacturers mainly purchase cautiously, and replenish the goods at a low price. The transaction volume has not changed much compared with yesterday.
Stainless Steel: Affected by supply disturbance and expected demand, it continued to grow, stimulating market optimism. LME nickel rose to a three-month high, SHFE nickel followed the upward trend, stainless steel futures rose temporarily, spot transactions were a bit inactive, trading popularity in the scrap market warmed up, manufacturers actively purchased and replenished stocks, and the market tended to be high. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. Generally speaking, the trend of aluminum price is weak recently, indicating that the current price of aluminum lacks strong upward momentum. The increase in inventory puts pressure on aluminum prices, and it will take time for the market demand to fully start. At present, aluminum factories and enterprises basically purchase on demand and hold a wait-and-see attitude. The aluminum premium in Foshan continues to fall, and it is expected that the short-term aluminum price range will fluctuate mainly.
Zinc: The stock sentiment is improving, which drives SHFE zinc to rise. The goods-holders mainly deliver goods, and the traders follow the market to purchase according to the order. The downstream zinc-using manufacturers mainly purchase cautiously, and replenish the goods at a low price. The transaction volume has not changed much compared with yesterday.
Stainless Steel: Affected by supply disturbance and expected demand, it continued to grow, stimulating market optimism. LME nickel rose to a three-month high, SHFE nickel followed the upward trend, stainless steel futures rose temporarily, spot transactions were a bit inactive, trading popularity in the scrap market warmed up, manufacturers actively purchased and replenished stocks, and the market tended to be high. (Analyzed by LTIT)
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