Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on March 18
2024-3-18
Copper: Today, the spot copper price in Foshan market rose moderately, which was affected by the news that domestic copper smelters were expected to reduce production. In just one week, domestic copper futures broke the interval limit and rose by over 3,000 yuan to about 73,000 yuan/ton. LME copper was also driven, rising by $500 to $9,000. From the continuous increase of the inventory data released by SHFE copper futures around the year before last (from 86,520 tons on February 8 to 286,395 tons on March 15), it shows that the market demand is not as good as expected. This surge has also suppressed new orders for finished products, and the current state of real estate will lead to profit pressure on the market. Although the big investment banks still keep bullish on copper prices, it is expected that there will be profit pressure on copper in the short term.
Aluminum: The price of aluminum in Foshan market rose slightly today. Under the pressure of sufficient supply, the copper wave drove the aluminum price to rise slightly, and the SHFE aluminum was still in the range after delivery, while the aluminum factories and enterprises slightly increased their purchasing efforts, and the aluminum inventory in Guangdong still increased slightly to 235,400 tons. From the subsequent trend, aluminum is expected to be bullish, and the price oscillation is mainly upward.
Zinc: The price of zinc continues to fluctuate at a high level, and traders are more cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers are worried about the after-market, and their purchasing enthusiasm is not high. The trading atmosphere in the market is quiet and the overall transaction is average. Domestic consumption will enter the traditional peak season, and zinc prices will remain bullish in the short term.
Stainless Steel: The high price fluctuation pattern of nickel remains unchanged, and a breakthrough direction may be sought in the short term. After the delivery of stainless steel futures, it rebounded rapidly, and the spot market transactions showed an upward atmosphere. The steel strip raised its quotation conveniently, and the rigid demand transaction improved. In addition, the scrap industry was active when it entered the market at a low price, and buyers actively increased their prices to purchase, and the market resumed its upward trend. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. Under the pressure of sufficient supply, the copper wave drove the aluminum price to rise slightly, and the SHFE aluminum was still in the range after delivery, while the aluminum factories and enterprises slightly increased their purchasing efforts, and the aluminum inventory in Guangdong still increased slightly to 235,400 tons. From the subsequent trend, aluminum is expected to be bullish, and the price oscillation is mainly upward.
Zinc: The price of zinc continues to fluctuate at a high level, and traders are more cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers are worried about the after-market, and their purchasing enthusiasm is not high. The trading atmosphere in the market is quiet and the overall transaction is average. Domestic consumption will enter the traditional peak season, and zinc prices will remain bullish in the short term.
Stainless Steel: The high price fluctuation pattern of nickel remains unchanged, and a breakthrough direction may be sought in the short term. After the delivery of stainless steel futures, it rebounded rapidly, and the spot market transactions showed an upward atmosphere. The steel strip raised its quotation conveniently, and the rigid demand transaction improved. In addition, the scrap industry was active when it entered the market at a low price, and buyers actively increased their prices to purchase, and the market resumed its upward trend. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
