Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 4
2024-3-4
Copper: The spot copper price in Foshan market is stable today. When the two sessions are going on, the market sentiment tends to be cautious, waiting for the news to be clear. Will the copper market usher in the "spring offensive" as scheduled in March? According to the analysis, there is still support in the fundamentals of the copper market at present. With the gradual improvement of demand in the copper market in March, the domestic accumulated stocks will come to an end and will soon be reduced, and the situation of weak spot premium will also be improved. However, since the current copper price is still on the high side, it is not easy to rise. In March, the copper price may still fluctuate within a certain range, and SHFE copper will temporarily pay attention to the pressure near the 70,000 integer mark above. The two sessions will be held this week, and policies will be introduced one after another; During the policy window phase, copper prices may be disturbed by this. This week, attention is paid to the latest developments of the two sessions.
Aluminum: Today, the aluminum price in Foshan market is stable and weak. During the two sessions, the market has a strong wait-and-see mood, waiting for policy guidance. The analysis predicts that the aluminum price will fluctuate strongly in March. In the case that the supply side will not resume production on a large scale for the time being and consumption will gradually recover, the inventory inflection point is expected to appear in mid-March, and then it will enter the state of destocking, providing kinetic energy for the continuous rally of aluminum prices.
Zinc: SHFE zinc fluctuated within a narrow range, the spot zinc price did not change much, traders were relatively cautious in purchasing goods, and the downstream materials manufacturers did not change their fear of falling, and they mainly waited and saw, and their willingness to purchase was still not strong, and market transactions weakened. With the opening of the two sessions, the market expects the stimulus policy to be overweight, 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: The nickel market changed, the cautious mood in the stainless steel market warmed up, the futures fell below the 14,000 mark, the spot price was flexible and preferential, the bargaining price in the scrap industry was loose, the manufacturers' quotations were withdrawn from a high level, and the pace of supply circulation was accelerated. At present, the macro news has boosted the strong operation of nickel price, but the demand situation has been concerned because of the lack of motivation or lack of follow-up breakthrough. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable and weak. During the two sessions, the market has a strong wait-and-see mood, waiting for policy guidance. The analysis predicts that the aluminum price will fluctuate strongly in March. In the case that the supply side will not resume production on a large scale for the time being and consumption will gradually recover, the inventory inflection point is expected to appear in mid-March, and then it will enter the state of destocking, providing kinetic energy for the continuous rally of aluminum prices.
Zinc: SHFE zinc fluctuated within a narrow range, the spot zinc price did not change much, traders were relatively cautious in purchasing goods, and the downstream materials manufacturers did not change their fear of falling, and they mainly waited and saw, and their willingness to purchase was still not strong, and market transactions weakened. With the opening of the two sessions, the market expects the stimulus policy to be overweight, 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: The nickel market changed, the cautious mood in the stainless steel market warmed up, the futures fell below the 14,000 mark, the spot price was flexible and preferential, the bargaining price in the scrap industry was loose, the manufacturers' quotations were withdrawn from a high level, and the pace of supply circulation was accelerated. At present, the macro news has boosted the strong operation of nickel price, but the demand situation has been concerned because of the lack of motivation or lack of follow-up breakthrough. (Analyzed by LTIT)
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