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| Metal scraps performances in Foshan market on March 21 |
| 2024-3-21 |
Copper: Today, spot copper price in Foshan market regained its upward trend, the Federal Reserve decided to detonate the market, the US dollar index fell, the price of gold soared, non-ferrous metals rose across the board, and market optimism warmed up. At present, the disturbance problem of major overseas minerals has not been solved. Also, the supply of spot copper concentrate is tight, and the spot processing fee in the market has fallen to a low level in the past decade. Last week, Chinese copper smelters organized a forum and reached an agreement on reducing production. Although the specific data of reducing production has not been clear, it has triggered the market's expectation of reducing production and became the main catalyst for the strong surge of copper prices last week. To sum up, the support below the copper price is strong, and it is expected to remain strong in the short term. However, in the short term, investors still need to guard against the risk of high copper prices.
Aluminum: Today, the price of aluminum in Foshan market has risen in an all-round way. Yunnan aluminum industry resumed production at different times, and the production capacity may be limited. The rhythm of aluminum ingot accumulation has slowed down. It is expected that the inventory inflection point will be ushered in this week, and the aluminum rod inventory will continue to show a downward trend. The overall supply of goods in the spot market is relatively loose, the downstream industries maintain rigid-demand procurement, and the spot prices of the three major consumer places maintain a discounted operation.
Zinc: The Federal Reserve may still cut interest rates three times this year. The fall of the US dollar supports the price of zinc, and the willingness of cargo holders to ship is positive. The downstream manufacturers are obviously fearful and wait-and-see, and most of them are mainly based on inquiry. In addition, the response of manufacturers to orders has not improved much, and the market transaction is average.
Stainless Steel: Nickel prices stopped falling and rallied, stainless steel futures fluctuated weakly, confidence in the spot market was damaged, steel strip transactions were sluggish, steel mills were not active in purchasing waste, recycling traders in the industry were conservative, and the desire to receive goods at high prices was not strong, so the transaction was temporarily stable. (Analyzed by LTIT)
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2024-5-10
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Item |
SHFE |
Change |
Cu |
290376 |
+2036 |
Al |
211698 |
-10887 |
Zn |
131178 |
+2536 |
Item |
LME |
Change |
Cu |
103450 |
-925 |
Al |
903850 |
+424000 |
Zn |
251950 |
-175 |
Ni |
80286 |
+282 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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