Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 5
2024-3-5
Copper: The spot copper price in Foshan market rose slightly today, and the market sentiment was cautiously improving. The convening of the two sessions enhanced the market's optimistic expectations for China's policies, and investors showed optimism, which was beneficial to the trend of copper futures. The operating rate of downstream enterprises rebounded, the spot market consumed on demand, and transactions improved. 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 be dominated by range fluctuations, and SHFE Copper will temporarily pay attention to the pressure near the 70,000 integer mark above. This week, attention is paid to the latest developments of the two sessions.
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the short-term trend fluctuates strongly. The traditional consumption season is approaching, and the demand expectation is improving, which supports the aluminum price. In the morning, SHFE aluminum took the lead in rising, and the price was above 19,000 yuan. Aluminum manufacturers purchased on demand and the transaction improved. In the context of policy expectations and seasonal recovery of consumption, the short-term aluminum price trend may fluctuate intensively.
Zinc: The price of zinc continues to fluctuate, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream materials manufacturers are not confident, and the purchasing enthusiasm is not high. They purchase in small quantities according to the order, and the overall market trading atmosphere is average. During the two sessions, the market is waiting for the release of good news, and the overall macro sentiment has picked up, or there is still much support for short-term zinc prices.
Stainless Steel: LME nickel rushed to a four-month high and then fell back. The instability of stainless steel futures continued the callback trend. The spot market worries rekindled, the price of strip was loose and fell, and the price of scrap was also under downward pressure. The manufacturers in the industry successively lowered the purchase price due to the situation, and the transaction price dropped significantly. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the short-term trend fluctuates strongly. The traditional consumption season is approaching, and the demand expectation is improving, which supports the aluminum price. In the morning, SHFE aluminum took the lead in rising, and the price was above 19,000 yuan. Aluminum manufacturers purchased on demand and the transaction improved. In the context of policy expectations and seasonal recovery of consumption, the short-term aluminum price trend may fluctuate intensively.
Zinc: The price of zinc continues to fluctuate, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream materials manufacturers are not confident, and the purchasing enthusiasm is not high. They purchase in small quantities according to the order, and the overall market trading atmosphere is average. During the two sessions, the market is waiting for the release of good news, and the overall macro sentiment has picked up, or there is still much support for short-term zinc prices.
Stainless Steel: LME nickel rushed to a four-month high and then fell back. The instability of stainless steel futures continued the callback trend. The spot market worries rekindled, the price of strip was loose and fell, and the price of scrap was also under downward pressure. The manufacturers in the industry successively lowered the purchase price due to the situation, and the transaction price dropped significantly. (Analyzed by LTIT)
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