Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 1
2024-3-1
Copper: The spot copper price in Foshan market rose slightly today, and the market trading enthusiasm warmed up. The price of copper in the outer rose by vibration, which led to an overall increase in the metal in the inner disk. The main contract of SHFE copper rose to 69,140 yuan/ton. Will the copper market usher in the "spring offensive" as scheduled in March? At present, it is generally expected that the copper price in March is expected to sprint the 70,000 yuan mark. The analysis shows that the current sharp drop in the processing fee of copper concentrate in China affects the output of refined copper, and the smelter has the expectation of centralized maintenance in advance, so the growth rate of domestic copper inventory will slow down in the short term, or it will support the price of copper. At present, traders are paying close attention to the news of the two sessions and the changes in spring demand, and the overall direction of copper prices is expected to remain volatile.
Aluminum: Today, the aluminum price in Foshan market continues to rise, and this week's trend is optimistic. The opening of the speculation window of the two domestic conferences has enhanced the market risk appetite and provided impetus for the strength of metal prices. Fundamentally, the aluminum bar market took the lead in opening the destocking process, one week earlier than the same period last year, which provided confidence support for the recovery of consumption. It is expected that the short-term aluminum price trend will fluctuate strongly.
Zinc: The price of zinc fluctuates strongly, and the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Downstream manufacturers are worried about the after-market, and most of them wait and see, and their purchasing enthusiasm is not high, and the transaction has not changed much. As the two sessions approach, the market expects the stimulus policy to be overweight, downstream enterprises will resume work one after another, and zinc prices may continue to rebound under the improvement of cost support and consumption.
Stainless Steel: LME nickel rose strongly to a three-month high, and SHFE nickel gradually approached the 140,000 mark. Also, the price of ferronickel rose, and the cost side support of stainless steel increased, but the demand side still did not improve. The rise of stainless steel futures slowed down, and the spot was flexible to facilitate the delivery. In the scrap market, the asking price of the holders shouted up, the manufacturers remained cautious in purchasing, and the transactions between the two sides were deadlocked. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rise, and this week's trend is optimistic. The opening of the speculation window of the two domestic conferences has enhanced the market risk appetite and provided impetus for the strength of metal prices. Fundamentally, the aluminum bar market took the lead in opening the destocking process, one week earlier than the same period last year, which provided confidence support for the recovery of consumption. It is expected that the short-term aluminum price trend will fluctuate strongly.
Zinc: The price of zinc fluctuates strongly, and the market has a strong wait-and-see atmosphere. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Downstream manufacturers are worried about the after-market, and most of them wait and see, and their purchasing enthusiasm is not high, and the transaction has not changed much. As the two sessions approach, the market expects the stimulus policy to be overweight, downstream enterprises will resume work one after another, and zinc prices may continue to rebound under the improvement of cost support and consumption.
Stainless Steel: LME nickel rose strongly to a three-month high, and SHFE nickel gradually approached the 140,000 mark. Also, the price of ferronickel rose, and the cost side support of stainless steel increased, but the demand side still did not improve. The rise of stainless steel futures slowed down, and the spot was flexible to facilitate the delivery. In the scrap market, the asking price of the holders shouted up, the manufacturers remained cautious in purchasing, and the transactions between the two sides were deadlocked. (Analyzed by LTIT)
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