Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 2
2023-2-2
Copper: Today, the copper price in Foshan market reappears its decline, and the market cautious mood is heating up. However, some traders said that since the current copper price is still at a high price, if the price can be adjusted appropriately, the purchase cost will be reduced, or it will be more conducive to the start of post-holiday demand. Although the copper price has slightly adjusted back, it is still running at a high price, with LME copper still above $9,100 and SHFE copper above $69,000. In terms of spot, domestic copper enterprises have successively opened the market, but the overall wait-and-see mentality is still strong, and consumption has not yet officially started. The inventory in Guangdong continued to increase to about 56,224 tons. At present, the China factor has a stimulating effect on the market, and the subsequent consumption power is conducive to the market trend, and the short-term is mainly short-term repetition.
Aluminum: Today, the price of aluminum in Foshan market is rising further. In SHFE period, the leading aluminum enterprises are in the range of 19,000 yuan. Under the factors such as the continuous opening of the market, but the workers are not fully in place, most of them mainly make profits by digesting the materials prepared before the new year, and the inventory of aluminum ingots continues to increase. It is expected that the demand will continue to increase after the lunar January 15 next week, which is good for the aluminum market and the price may break through.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the operating rate of manufacturers is recovering. The main thing is to digest inventory, and a small amount of zinc needs to be purchased. The performance of zinc is strong, and the buyers insist on asking prices. The two sides are deadlocked and the overall market transaction is average. Tonight, Europe announced the interest rate resolution, and zinc prices are expected to rise again.
Stainless Steel: the United States raised interest rates by 25 basis points, and the basic metals were all under pressure. LME nickel fell by $1,400. Early, SHFE nickel and stainless steel futures fell across the board, the spot market continued to rise under pressure, the participation in scrap trading was insufficient, the overall activity was limited, and the market was generally stable. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is rising further. In SHFE period, the leading aluminum enterprises are in the range of 19,000 yuan. Under the factors such as the continuous opening of the market, but the workers are not fully in place, most of them mainly make profits by digesting the materials prepared before the new year, and the inventory of aluminum ingots continues to increase. It is expected that the demand will continue to increase after the lunar January 15 next week, which is good for the aluminum market and the price may break through.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the operating rate of manufacturers is recovering. The main thing is to digest inventory, and a small amount of zinc needs to be purchased. The performance of zinc is strong, and the buyers insist on asking prices. The two sides are deadlocked and the overall market transaction is average. Tonight, Europe announced the interest rate resolution, and zinc prices are expected to rise again.
Stainless Steel: the United States raised interest rates by 25 basis points, and the basic metals were all under pressure. LME nickel fell by $1,400. Early, SHFE nickel and stainless steel futures fell across the board, the spot market continued to rise under pressure, the participation in scrap trading was insufficient, the overall activity was limited, and the market was generally stable. (Analyzed by LTIT)
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