Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 27
2023-11-27
Copper: The spot copper price in Foshan market is stable today, and the driving force for price increase is still insufficient. Affected by factors such as exchange rate fluctuation, demand and annual closing period, the trend of copper at home and abroad has been fluctuating in a range recently, and the overall price has not changed much. Most copper factories and enterprises operate according to the monthly settlement demand, and the electric copper in Guangdong Province is still in a high premium state due to tight supply, but the inventory in this area has rebounded to 7157 tons on Monday. At present, it is about to enter the last month of 2023. The changeable factors brought by settlement and the influence brought by paying attention to domestic economic data are relatively favorable for the direction of measures. It is expected that the short-term copper trend will still be mostly interval-wait-and-see situation, and whether there is directional guidance in December.
Aluminum: The price of aluminum in Foshan market rose slightly today. Fundamentally speaking, with the gradual reduction of electrolytic aluminum production in Yunnan, the supply of electrolytic aluminum has tightened. Downstream consumption has entered the traditional off-season, and the operating rate of downstream aluminum processing enterprises has continued to decline, and the demand performance is weak, paying attention to the subsequent demand changes. In terms of inventory, the social inventory of aluminum ingots continues to fall, or it has certain support for aluminum prices.
Zinc: Today, the price of zinc in Foshan market rose slightly, and the supply of market goods decreased slightly. However, downstream manufacturers waited and saw, and purchased on demand. Spot demand limited the room for zinc price to rise, and the market transactions were stable. The supply of zinc ingots constitutes the upward pressure, which drags down the short-term upward momentum of zinc prices, and the overseas mines are tight. It is expected that the short-term zinc prices will turn upward.
Stainless Steel: LME nickel has already fallen below the $16,000 mark, SHFE nickel has plunged more than 4%, the trading volume and positions on the futures side have continued to increase, the market differences have increased, and there is a certain bargain-hunting mood. The mentality of grabbing the rebound in the stainless steel market began to waver, and the wait-and-see mood heated up sharply. Large steel mills restart the purchase price of molten steel, and the scrap industry is cautious, and manufacturers operate according to the order. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. Fundamentally speaking, with the gradual reduction of electrolytic aluminum production in Yunnan, the supply of electrolytic aluminum has tightened. Downstream consumption has entered the traditional off-season, and the operating rate of downstream aluminum processing enterprises has continued to decline, and the demand performance is weak, paying attention to the subsequent demand changes. In terms of inventory, the social inventory of aluminum ingots continues to fall, or it has certain support for aluminum prices.
Zinc: Today, the price of zinc in Foshan market rose slightly, and the supply of market goods decreased slightly. However, downstream manufacturers waited and saw, and purchased on demand. Spot demand limited the room for zinc price to rise, and the market transactions were stable. The supply of zinc ingots constitutes the upward pressure, which drags down the short-term upward momentum of zinc prices, and the overseas mines are tight. It is expected that the short-term zinc prices will turn upward.
Stainless Steel: LME nickel has already fallen below the $16,000 mark, SHFE nickel has plunged more than 4%, the trading volume and positions on the futures side have continued to increase, the market differences have increased, and there is a certain bargain-hunting mood. The mentality of grabbing the rebound in the stainless steel market began to waver, and the wait-and-see mood heated up sharply. Large steel mills restart the purchase price of molten steel, and the scrap industry is cautious, and manufacturers operate according to the order. (Analyzed by LTIT)
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