Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 24
2023-3-27
Copper: Today, the copper price in Foshan market is stable, and market transactions are still cautious. With the statements of European and American governments and central banks, the market's sentiment towards the spread of banking events in Europe and the United States eased for a time. Coupled with the loose expectations of the Federal Reserve's monetary policy, non-ferrous metals, with the good domestic fundamentals, have stepped out of a wave of rebound in risk appetite. LME copper once jumped above $9,000, SHFE copper approached the 70,000 yuan mark, and the market sentiment improved obviously. However, for the rebound of copper prices at the end of the quarter, copper manufacturers are still cautious in purchasing, and most of them are mainly on-demand purchases. Therefore, the inventory of electric copper in Guangdong has not changed much at more than 50,000 tons. It is expected that the demand for copper market will continue to improve, and the short-term copper price is expected to be 70,000, but it is easy to repeat.
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly. Recently, the price of aluminum has rebounded continuously, and the focus of trading has gradually moved up. The purchasing confidence of aluminum manufacturers has improved, which has promoted the destocking of aluminum market. The national aluminum social inventory continued to fall to about 1.1 million tons. Short-term aluminum prices are expected to fluctuate in the range of several hundred yuan in the short term, and the subsequent trend is still oscillating.
Zinc: The upward momentum of zinc has slowed down, and traders are extremely cautious in receiving goods. Most of them make inquiries after receiving orders. The downstream manufacturers are even more hesitant about the future price of zinc, and they mainly wait and see, and their purchasing enthusiasm is not high. The overall market transaction is still weak. Changes in domestic and foreign policies and related economic data will still be one of the factors that will dominate zinc prices in the future.
Stainless Steel: With the continuous recovery of nickel price, the spot transaction in the stainless steel market began to improve a little, and the low-priced transactions in the scrap industry disappeared one after another. Manufacturers took advantage of the low price to replenish the stock, and the price rose slightly. The after-market mainly depends on the recovery of demand and whether the speed of social inventory destocking can be accelerated. However, the raw material side showed a decline, and the price of stainless steel was still under pressure. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly. Recently, the price of aluminum has rebounded continuously, and the focus of trading has gradually moved up. The purchasing confidence of aluminum manufacturers has improved, which has promoted the destocking of aluminum market. The national aluminum social inventory continued to fall to about 1.1 million tons. Short-term aluminum prices are expected to fluctuate in the range of several hundred yuan in the short term, and the subsequent trend is still oscillating.
Zinc: The upward momentum of zinc has slowed down, and traders are extremely cautious in receiving goods. Most of them make inquiries after receiving orders. The downstream manufacturers are even more hesitant about the future price of zinc, and they mainly wait and see, and their purchasing enthusiasm is not high. The overall market transaction is still weak. Changes in domestic and foreign policies and related economic data will still be one of the factors that will dominate zinc prices in the future.
Stainless Steel: With the continuous recovery of nickel price, the spot transaction in the stainless steel market began to improve a little, and the low-priced transactions in the scrap industry disappeared one after another. Manufacturers took advantage of the low price to replenish the stock, and the price rose slightly. The after-market mainly depends on the recovery of demand and whether the speed of social inventory destocking can be accelerated. However, the raw material side showed a decline, and the price of stainless steel was still under pressure. (Analyzed by LTIT)
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