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Metal scraps performances in Foshan market on Dec 10

Copper: Today, the price of recycled copper in Foshan market rose further, but the rise slowed down from yesterday. At present, the market is mainly concerned about the British election and whether the new round of US tariff increases on Chinese goods will take effect over the weekend. Good fundamentals and good news have provided strong price increases for short-term copper prices, and the bullish sentiment in the market has also increased. Some analysts even expect that short-term copper prices may rebound to US$ 6200-6300. As spot traders, in the face of long-lost soaring prices, they are still worried that copper prices may face the risk of profit taking after an unexpected surge, so they are still cautious in operation and mainly purchase on demand. At present, the supply of recycled copper continues to be in short supply, and the price demanded by the commodity holders is firm.


Aluminum: Today, the aluminum price in Foshan market rose slightly, mainly driven by the rising copper price, while the aluminum market's own support is not obvious. The analysis shows that the bullish mood of electrolytic aluminum depopulation is basically digested, and the price of aluminum lacks the motivation to further increase under the background of the continuous downward trend of the cost side. In the short term, the price of aluminum fluctuates strongly. At present, the majority of aluminum enterprises mainly withdraw funds and demand orders are suppressed.


Zinc: Today, the zinc price in Foshan market fell across the board. The zinc price fell even more weakly when copper and aluminum rose. At present, the supply of zinc ingots in Guangdong is abundant, and the delivery of zinc ingots by the holders is positive. The pressure on the spot premium has dropped rapidly. Traders are obviously cautious in purchasing goods, while zinc manufacturers continue to maintain a cautious attitude, basically purchasing goods according to orders, and trading is relatively quiet.


Stainless Steel: Today, the price of waste stainless steel in Foshan market showed a stable performance. The nickel price rebounded briefly and then fell back again. The short-term low-level fluctuation pattern was more obvious and the price guidance for stainless steel was limited. At the beginning of the month, the arrival of stainless steel products in the market was concentrated, the consumption had not yet warmed up, and the spot price continued to be weak, which may restrict the quotation of waste stainless steel.

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