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| Metal scraps performances in Foshan market on March 27 |
| 2024-3-27 |
Copper: The spot copper price in Foshan market is stable today. After nearly a week's continuous correction, SHFE copper has been supported at the bottom of the stage, and the price has continued to consolidate in a narrow range. Traders believe that after the short-term risk is released. The copper price may rally. The domestic industrial economy rebounded steadily, smelter maintenance and downstream consumption were released at a low level, and the supply pressure was reduced. At the same time, the Ministry of Commerce issued policies to encourage and promote the trade-in of consumer goods such as automobiles and household appliances, and further expand the consumer market, creating favorable conditions for the rise of copper prices. At present, big investment banks are generally bullish on copper prices in the after-market. In Goldman Sachs' year-end forecast, copper price is $10,000 per ton, aluminum price is $2,600 per ton, and gold price is $2,300 per ounce.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and most traders hold a wait-and-see attitude or purchase on demand. The national aluminum social stock and the stock in Foshan area continue to increase slightly, which also shows that demand is still constrained. Although there are new energy and comprehensive demand expectations, the market still takes a short-term profit-making wait-and-see route. It is expected that aluminum will oscillate strongly after entering a new season.
Zinc: The price adjustment of zinc is accelerating. Downstream middlemen and traders are worried about the trend of zinc market, and there are still few large quantities of goods. Traders remain active in shipping, and materials manufacturers are not willing to buy. Most of them maintain on-demand procurement, and market transactions are weak. Under the mixed market news, zinc prices are expected to fall.
Stainless Steel: The price of nickel kept falling, LME nickel continued to fall sharply to a new low since late February, stainless steel futures fell below 13,500 support points, and the obvious drop in raw material ferronickel led to loose cost support and market confidence also fell to a low point. Spot prices fell under pressure, and scrap manufacturers continued to follow up the price reduction operation because of the potential risk aversion, and the market continued to decline. |
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2024-4-25
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Item |
SHFE |
Change |
Cu |
300045 |
+322 |
Al |
228537 |
-3228 |
Zn |
131747 |
+4113 |
Item |
LME |
Change |
Cu |
120400 |
+175 |
Al |
494875 |
-1675 |
Zn |
254500 |
-600 |
Ni |
77622 |
+744 |
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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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