Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 29
2023-11-29
Copper: Spot copper price in Foshan market rose slightly today. Important officials of the Federal Reserve turned to doves, suggesting that they have completed raising interest rates and may relax their policies next year. The dollar fell to a three-month low under selling pressure, commodity market sentiment was high, and gold prices soared. LME copper rose to a high of more than two months, while SHFE copper fluctuated upward and returned to above 68,000 yuan. Recently, however, the trend of copper price has been repeated, which has left buyers and sellers in the spot copper market at a loss. After the monthly settlement is completed, most copper factories and enterprises hold a wait-and-see attitude, and the premium of copper electricity has dropped, while the inventory has rebounded slightly. In December, the market is more concerned about the news impact and the favorable consumption of copper under the annual settlement. The trend of copper is still a short-term fluctuation range compared with repeated 68,000-69,000.
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the short-term trend is weak. Aluminum manufacturers remain cautious and wait-and-see, and the purchase volume is still small. Spot aluminum in Guangdong continues to be in a premium state. December is still a news-oriented market, and the influence of capital security, settlement demand and economic data will lead to the continuous trend of aluminum, but the short-term SHFE aluminum will fluctuate around 19,000.
Zinc: The price of zinc has dropped slightly, and traders are still not cautious in receiving goods. They maintain the principle of buying and selling now, and only actively make inquiries in the market when the orders are fulfilled. The demand is not as good as expected. The downstream zinc manufacturers are cautious and the market demand is 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: Affected by short-term profit-taking and long-term covering, the price of nickel rose linearly, capital participation was active, and the turnover of SHFE nickel futures increased sharply. The mood of stainless steel market improved, the trading atmosphere warmed up, and the voice of price increase surrounded. The scrap industry also followed the rise, and the manufacturers' operation rose because of the situation. The intention of bargain-hunting intervention was obvious, and they pursued the price increase and actively inquired about the goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has dropped slightly, and the short-term trend is weak. Aluminum manufacturers remain cautious and wait-and-see, and the purchase volume is still small. Spot aluminum in Guangdong continues to be in a premium state. December is still a news-oriented market, and the influence of capital security, settlement demand and economic data will lead to the continuous trend of aluminum, but the short-term SHFE aluminum will fluctuate around 19,000.
Zinc: The price of zinc has dropped slightly, and traders are still not cautious in receiving goods. They maintain the principle of buying and selling now, and only actively make inquiries in the market when the orders are fulfilled. The demand is not as good as expected. The downstream zinc manufacturers are cautious and the market demand is 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: Affected by short-term profit-taking and long-term covering, the price of nickel rose linearly, capital participation was active, and the turnover of SHFE nickel futures increased sharply. The mood of stainless steel market improved, the trading atmosphere warmed up, and the voice of price increase surrounded. The scrap industry also followed the rise, and the manufacturers' operation rose because of the situation. The intention of bargain-hunting intervention was obvious, and they pursued the price increase and actively inquired about the goods. (Analyzed by LTIT)
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