Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 3
2023-2-3
Copper: Today, the copper price in Foshan market continues to fall, and the post-holiday trend is relatively weak, but overall, the copper price correction is still limited, and the price is still at a high price. According to previous years' practice, the demand for copper market in Guangdong usually starts after the Lantern Festival. At present, although most factories and enterprises have started work, their production and orders have not returned to normal, and most merchants are still cautious and wait-and-see or digest their inventory, especially the current copper price is in a downward trend and still at a high price, which has caused some pressure on their purchasing enthusiasm. Some traders said that if the current copper price can be properly adjusted, the purchase cost will be reduced, or it will be more conducive to the start of post-holiday demand. However, at present, China's economy is gradually improving, and there is little room for copper prices to fall.
Aluminum: Today, the price of aluminum in Foshan market is declining again, and aluminum-using enterprises are starting to work one after another, but the market transaction is not prosperous. It is expected that the demand for workers will be better started after the Lantern Festival. At present, the inventory pressure in the aluminum market is still relatively high, but the overall environment continues to be optimistic about the favorable demand for prices in 2023. It is expected that the short-term aluminum price will fluctuate mostly around this position.
Zinc: Today, SHFE zinc fluctuates within a narrow range, and the wait-and-see atmosphere in the market is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains a low level of operation. Downstream manufacturers are hesitant about the price increase of zinc in the market, and mostly wait and see, with low purchasing enthusiasm and little change in market transactions. 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: After the Spring Festival, the trading of stainless steel recovered slowly, and the market investment sentiment gradually weakened under the pressure of high inventory. The plunge in futures even undermined market confidence. The waste industry is under pressure to resume trading, and manufacturers who have resumed work generally lower the receiving price due to the situation. Most recycling bases continue to be on vacation because the Lantern Festival has not passed, and low-priced sources are hard to find. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is declining again, and aluminum-using enterprises are starting to work one after another, but the market transaction is not prosperous. It is expected that the demand for workers will be better started after the Lantern Festival. At present, the inventory pressure in the aluminum market is still relatively high, but the overall environment continues to be optimistic about the favorable demand for prices in 2023. It is expected that the short-term aluminum price will fluctuate mostly around this position.
Zinc: Today, SHFE zinc fluctuates within a narrow range, and the wait-and-see atmosphere in the market is heavy. Middlemen carefully purchase goods according to orders, and the inventory basically maintains a low level of operation. Downstream manufacturers are hesitant about the price increase of zinc in the market, and mostly wait and see, with low purchasing enthusiasm and little change in market transactions. 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: After the Spring Festival, the trading of stainless steel recovered slowly, and the market investment sentiment gradually weakened under the pressure of high inventory. The plunge in futures even undermined market confidence. The waste industry is under pressure to resume trading, and manufacturers who have resumed work generally lower the receiving price due to the situation. Most recycling bases continue to be on vacation because the Lantern Festival has not passed, and low-priced sources are hard to find. (Analyzed by LTIT)
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