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Metal scraps performances in Foshan market on February 1
2023-2-1
Copper: Today, the copper price in Foshan market rose slightly, and the trading atmosphere in the market warmed up. With the improvement of domestic operating rate and the stimulation of unexpected favorable data released at home and abroad, SHFE copper rebounded quickly after breaking 69,000 and approached the 70,000 mark again, and LME copper continued to be not far below 9,500 dollars; In terms of consumption, although factories and enterprises have started to open the market one after another, due to the high price, manufacturers have a strong wait-and-see attitude, and the inventory in Guangdong has continued to increase to 53,955 tons; Looking at the recent situation, the market is waiting for the start of consumption power and the comprehensive favorable expectation after the epidemic situation is released in the new year. Although there is pressure to increase stocks, it is expected that copper will still fluctuate near the 70,000 mark in the short term. At present, copper prices continue to fluctuate at a high level, and the market is paying close attention to the Fed's meeting on interest rates.

Aluminum: Today, the price of aluminum in Foshan market is rising again, and the operating rate of the market is gradually increasing in the second half of this week. How ever, due to the lack of rework by workers and the failure to start orders, most factories and enterprises wait and see, while the capital market pays attention to the increase in demand stimulated by the subsequent construction tide and the favorable economic data released in China, and pays attention to the aluminum market again. It is expected that most of the funds will be short-term speculation.

Zinc: Today, the price of zinc in Foshan market has not changed much, SHFE zinc is in a narrow fluctuation trend, and the uncertainty of fundamentals makes it difficult to break through both the upper and lower levels. The operating rate of downstream manufacturers is still recovering, and the overall trading atmosphere in the market is not high and the market transactions are stable. After the Spring Festival, domestic demand has increased, and market sentiment has continued to converge. It is expected that zinc prices will continue to rise.

Stainless Steel: disturbed by the news of the supply side and low inventory speculation, LME nickel soared above the $30,000 mark, and it is expected that the nickel price will remain high. After the Spring Festival, the raw material side rose strongly, and the stainless steel market remained optimistic. The spot strip trading started gradually, the scrap operating rate was temporarily low, and the preheating price increase continued. (Analyzed by LTIT)

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