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Metal scraps performances in Foshan market on March 28
2023-3-28
Copper: Today, the copper price in Foshan market rose slightly, and trading was cautious. LME copper remained above $9,000, while SHFE copper's 70,000-yuan mark was still under pressure for the time being, and the price repeatedly failed to rise. Recently, with the easing of the market's anxiety about the spread of banking events in Europe and the United States, coupled with the loose expectations of the Federal Reserve's monetary policy, non-ferrous metals have stepped out of a wave of rebound in risk appetite with good domestic fundamentals. However, from the current market, there is still pressure for copper prices to rise further. In terms of spot, due to the quarterly settlement demand, the spot copper price trading has improved recently, and the electrolytic copper inventory in Guangdong market has fallen back to above 50,000 tons. The industry expects that the short-term copper market pressure will still exist, the funds will wait and see cautiously, and the price may fluctuate continuously.

Aluminum: Recently, under the circumstance that the macro-negative temporarily subsided, the improvement of fundamentals and the continuous going to the warehouse gave the aluminum price a rebound momentum. In addition to the normal order demand, quarterly settlement also stimulated some consumption, and the national aluminum social inventory returned to about 1.1 million tons. At present, the traders are generally optimistic about the demand of aluminum market in the second quarter, so it is relatively active in purchasing, and it is expected that the short-term aluminum price will fluctuate strongly.

Zinc: Although the price of zinc rose steadily, traders followed the market, and the downstream manufacturers were not enthusiastic about purchasing, and the wait-and-see mood was still strong. They basically maintained on-demand purchasing, and most of the transactions came from the contributions of traders, and the overall market transactions were average.

Stainless Steel: The stainless steel market is as unstable as the weather. Yesterday, the market just wanted to ignite the rising trend. Manufacturers took advantage of the low price increase to warm up their purchasing mood, but this morning, it was suppressed again. Large steel mills lowered the purchasing price of scrap by 200 yuan/ton, and the bargaining atmosphere in the market turned cautious, so it is difficult for the market to get rid of its weakness for the time being. (Analyzed by LTIT)

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