Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 28
2023-11-28
Copper: The spot copper price in Foshan market fell slightly today, and the market trading is still cautious. Weak industrial data in China prompted bulls to take profits, and speculative funds in the market have been selling, dragging down SHFE copper prices. Before the end of the month, the copper price continued to oscillate and wait and see. At present, the market is more concerned about the subsequent domestic economic data, the demand situation after entering December and whether the country has introduced more measures. Most of the funds are mainly short-term profits and wait and see. Judging from the narrow fluctuation of more than a month, the market is mostly cautious about the big environment, while the comprehensive pressure brought by real estate factors and the safety of settlement funds are all the follow-up concerns. It is expected that copper will wait and see repeatedly in the short term.
Aluminum: Today, the aluminum price in Foshan market is stable. Thanks to the settlement demand and the release of the risk of price decline, the national aluminum social inventory decreased slightly to about 617,300 tons, and most aluminum enterprises chose to slightly increase the replenishment; In the coming December, which is also the annual settlement cycle, the capital withdrawal and security are the key concerns of the market, and the price may fluctuate within a narrow range.
Zinc: The price of zinc fluctuated sideways, the market supply remained stable, traders maintained a positive shipping mentality, the purchasing enthusiasm of downstream manufacturers was still not high, the wait-and-see mood was dominant, the order follow-up was insufficient and the fear of falling was affected, and the on-demand procurement was basically maintained. Most of the market transactions came from the contributions of traders.
Stainless Steel: Under the pressure of global oversupply and short position increase, LME nickel in the periphery has reached a three-year low. With the decline of futures market in China, the stainless steel market has returned to silence and turned into a wait-and-see atmosphere. In terms of waste materials, large steel mills restarted procurement to stabilize the morale of the army, while falling prices in recent days triggered bargain-hunting. At present, the circulation of goods is small, and the bargaining of transactions is deadlocked. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. Thanks to the settlement demand and the release of the risk of price decline, the national aluminum social inventory decreased slightly to about 617,300 tons, and most aluminum enterprises chose to slightly increase the replenishment; In the coming December, which is also the annual settlement cycle, the capital withdrawal and security are the key concerns of the market, and the price may fluctuate within a narrow range.
Zinc: The price of zinc fluctuated sideways, the market supply remained stable, traders maintained a positive shipping mentality, the purchasing enthusiasm of downstream manufacturers was still not high, the wait-and-see mood was dominant, the order follow-up was insufficient and the fear of falling was affected, and the on-demand procurement was basically maintained. Most of the market transactions came from the contributions of traders.
Stainless Steel: Under the pressure of global oversupply and short position increase, LME nickel in the periphery has reached a three-year low. With the decline of futures market in China, the stainless steel market has returned to silence and turned into a wait-and-see atmosphere. In terms of waste materials, large steel mills restarted procurement to stabilize the morale of the army, while falling prices in recent days triggered bargain-hunting. At present, the circulation of goods is small, and the bargaining of transactions is deadlocked. (Analyzed by LTIT)
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