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Market Wire
2020-2-10

Copper: Today, the prices of recycled copper and electrolytic copper in the South China market have fallen again. There is a lack of follow-up demand, and copper prices lack the motivation to continue rising. Due to the special situation of the epidemic this year, the industry has generally delayed the commencement of work. The upstream and downstream of scrap copper are still basically in a shutdown state, and there are basically no transactions. Due to the delayed start-up of factory demand after the holiday, the electrolytic copper inventory in Guangdong increased to above 70,000 tons, while the recycled copper was affected by tight supply of goods. Some factory enterprises prepared materials in advance, but the price was firm due to the low prices of the goods holders. Market participants reflected that after the recent deep decline, especially the low quantity of stock preparation before the festival, there is a greater probability that recycled copper dealers will hold back sales after the festival. The industry expects that the work situation after February 10 will still be delayed by the epidemic. Aluminium: The price of aluminium in South China market is stable today. After years of sharp decline and stabilization, aluminum prices rebounded slightly to attract some factories and enterprises to make inquiries into the market. However, the overall trading volume in the market is still relatively small, and the amplification of trading volume still needs to wait for factories and enterprises to officially put into production after the holiday. With the epidemic under control, the market expects a small rebound in short-term aluminum prices. Zinc: The price of zinc in South China market is stable today. The epidemic situation suppressed zinc prices, and prevention and control measures delayed market demand. The low zinc prices fluctuated within a narrow range, with strong market wait-and-see sentiment and light market transactions. The fluctuation is weak at night and strong day by day. On the surface, the international market is still worried about the impact of the epidemic on market demand. It is expected that the short-term zinc price will fluctuate along with the trend of the epidemic. Stainless Steel: The price of waste stainless steel in South China market is stable today. Due to the need to prevent and control the epidemic, the resumption of work in the stainless steel market has been postponed again, and the market is still at a standstill. The industry continues to wait and see. Recently, the central bank has released liquidity one after another, and many preferential policies for enterprises have been introduced. Market confidence has obviously improved. (LTIT)

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