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Metal scraps performances in Foshan market on Dec 12

Copper: Today, the price of recycled copper in Foshan market has further increased, but the cautious mood in the market has increased somewhat, with the emergence of premium and the elimination of premium of electrolytic copper. After the Federal Reserve pressed the interest rate cut pause button and predicted that it might hold still next year, the sharp drop in the US dollar index pushed LME copper up to around US$ 6,150, while the domestic copper price also continued to rise above 49,000, recording a remarkable increase rarely seen in the near future, driving the spot copper price to rise one after another. However, there are also some traders who are still cautious about the sharp rise in copper prices this round, fearing that the price will fall back after surging. The market point of view is that the current economic and trade situation is complicated and changeable, and there is still uncertainty on the macro level. Against the background of limited positive benefits, it is inappropriate to be too optimistic about the SHFE copper rebound.


Aluminum: Today, aluminum prices in Foshan market fell slightly, and market transactions tended to be cautious. Judging from the inventory data, the favorable low inventory still supports the short-term aluminum price, but factors such as tight capital flow years ago will still influence the long-term purchasing enthusiasm, and the short-term aluminum price is expected to fluctuate within a small range for the time being. At present, most aluminum enterprises mainly withdraw funds and demand less orders.


Zinc: Today, the price of zinc in Foshan market rebounded, mainly stimulated by the fall of US dollar, but the market sentiment remained cautious. At present, the supply of zinc ingots in Guangdong is abundant, and the holders are actively shipping. Traders' purchasing mentality has improved compared with yesterday. Some merchants intend to replenish their stock at a low zinc price, but zinc manufacturers have a strong fear of falling and mainly purchase according to orders.


Stainless Steel: Today, the price of scrap stainless steel in Foshan market rose further. LME nickel successfully recovered the US$ 13,000 mark and pulled up strongly. Currently, it is close to the US$ 14,000 mark, driving the price of stainless steel market to rise sharply and the market trading atmosphere is more active. The scrap stainless steel market has followed the pace of price increase, and the buyer's receiving price has also increased significantly.

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