Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 5
2023-12-5
Copper: Today, the spot copper price in Foshan market fell across the board, and the market transactions continued to be cautious. Under the double pressure of the rebound of the US dollar index and the short-term profit of funds, LME copper returned below $8,500, SHFE copper fell back to around $68,000, and the spot copper price fell under pressure. China's factory activity data in November was mixed, and the demand outlook was worrying, which put some pressure on copper prices. At present, the market does not recognize the high premium, and it does not buy it. As a whole, there is a strong wait-and-see mood in the high-priced downstream, which weakens the actual purchasing kinetic energy, and then puts some pressure on the copper price. In addition, some enterprises choose to stop the furnace and reduce production. It is expected that consumption will continue to be weak during the week, and it is difficult for the demand outlook to be optimistic and it is difficult to push prices higher.
Aluminum: Today, the aluminum price in Foshan market reappears its decline, and the overall trend is still weak. The current rise in the US dollar index makes the aluminum market face certain short-selling pressure. The stock of domestic aluminum ingots has declined, but it is difficult for the market to regain confidence. In the off-season atmosphere, consumption is weak, and the cargo holders still ship more on rallies. The receiving capacity is limited and the trading continues poorly, resulting in obvious pressure above the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to decline, and the fear of falling still hangs over the market. Manufacturers are affected by few orders, basically maintaining on-demand procurement and restraining market transactions. Most of the transactions come from traders. Under the background of traditional off-season, the storage space of the downstream market is limited, and the demand for speculative replenishment is not sustainable, and the process of going to the warehouse is slow.
Stainless Steel: The price of nickel fell, stainless steel futures suddenly plunged and fell below the previous low, the spot market as a whole was under pressure, and the trading mood turned sharply cautious. The purchase price of molten steel in large steel mills was lowered again, and the manufacturers in the scrap industry followed suit, resulting in a stalemate in trading, less supply circulation or short-term price support. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market reappears its decline, and the overall trend is still weak. The current rise in the US dollar index makes the aluminum market face certain short-selling pressure. The stock of domestic aluminum ingots has declined, but it is difficult for the market to regain confidence. In the off-season atmosphere, consumption is weak, and the cargo holders still ship more on rallies. The receiving capacity is limited and the trading continues poorly, resulting in obvious pressure above the aluminum price.
Zinc: Today, the price of zinc in Foshan market continues to decline, and the fear of falling still hangs over the market. Manufacturers are affected by few orders, basically maintaining on-demand procurement and restraining market transactions. Most of the transactions come from traders. Under the background of traditional off-season, the storage space of the downstream market is limited, and the demand for speculative replenishment is not sustainable, and the process of going to the warehouse is slow.
Stainless Steel: The price of nickel fell, stainless steel futures suddenly plunged and fell below the previous low, the spot market as a whole was under pressure, and the trading mood turned sharply cautious. The purchase price of molten steel in large steel mills was lowered again, and the manufacturers in the scrap industry followed suit, resulting in a stalemate in trading, less supply circulation or short-term price support. (Analyzed by LTIT)
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