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Metal scraps performances in Foshan market on March 24
2023-3-24
Copper: Today, the copper price in Foshan market continues to rise, but the market is still cautious in purchasing. Us treasury secretary Yellen revised his gaffes and determined that it was necessary to take additional actions to save the market. As a result, the sentiment of the US stock market seems to be appeased. The weakening of the US dollar index continues to support the rise of copper futures. LME copper has once again broken through the integer mark of $9,000, and SHFE copper has jumped above 69,000 yuan, driving the spot copper price to rise in an all-round way. At present, the market has turned its focus back to the dovish view of Federal Reserve Chairman Powell. However, at present, the industry generally reflects that orders have not improved significantly, and most of them are still on-demand purchases. In the face of the recent sustained rebound in copper prices, the industry is worried that short-term copper prices may face certain technical callback pressure, but the general direction is still bullish.


Aluminum: Today, the price of aluminum in Foshan market continues to rise. Recently, the aluminum price fluctuated weakly, but it remained above 18,000 yuan on the whole, which eased the market anxiety to some extent. At present, the price of aluminum is relatively low, attracting many aluminum manufacturers to actively enter the market to buy goods, and destocking continues. The national aluminum social inventory continues to fall to about 1.12 million tons, which is about 140,000 tons in just two weeks.

Zinc: The trend of SHFE zinc is on the rise, and the number of merchants entering the market is increasing. The enthusiasm of traders for shipment is maintained, and the downstream manufacturers are cautious. Some manufacturers with rigid demand are more active in purchasing, and spot transactions have increased significantly. Changes in domestic and foreign policies and related economic data will still be one of the factors that will dominate the zinc price in the future, so it is advisable to be cautious and not to go long.


Stainless Steel: LME confirmed that nickel trading in Asian session will resume on March 27th. Short-term nickel price fluctuates around the news. Stainless steel futures continued the downward trend, the inventory in the spot market remained high, and the transaction and demand did not improve. The production pressure of steel mills has intensified, the desire for scrap procurement has been low, and the manufacturers in the industry have maintained the thinking of low-priced goods, and the market is weak and stable. (Analyzed by LTIT)

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