Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 5
2023-12-6
Copper: Today, the spot copper price in Foshan market continues to fall, and market transactions continue to be cautious. At present, there is a fierce game in the long and short markets of the copper market, and the market is still expecting China to release more signals of steady growth. However, China's real estate market downturn has formed the main resistance to the demand prospect, which makes this expectation somewhat weak. At present, the price difference between refined copper and waste copper is expanding, which is unfavorable to the consumption of refined copper. In addition, the premium is at a high level, which strongly inhibits the receiving of goods downstream. In the context of off-season atmosphere and the sharp drop in copper prices, traders are cautious and wait-and-see, with limited commitment, weak demand and falling copper prices under pressure.
Aluminum: Today, the aluminum price in Foshan market is stable, and the economic situation in China is mixed, which will reduce the introduction of large-scale stimulus policies. Market traders are thinking about whether stimulus policies can offset the drag of developed markets next year, so the short-term cautious wait-and-see mood is strong, and there is still some pressure above the aluminum price. It is expected that SHFE aluminum will continue to maintain a weak shock in the short term.
Zinc: Yesterday, one of the most hawkish officials of the European Central Bank made a U-turn to push up the US dollar, and Moody's downgraded China's credit rating outlook, putting pressure on the price of zinc. Traders are more cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the after-market, and their purchasing enthusiasm is not high, so the market trading atmosphere is slack.
Stainless Steel: The sudden rise in the price of nickel drove stainless steel futures out of the low level, the pessimism in the spot market was repaired, the price of steel strip was stable, the circulation of waste materials was tight, manufacturers just needed to purchase goods, and the psychology of holding goods and waiting to rise was prominent. There is fierce competition for long and short capital in the futures market, and the price is prone to repeated fluctuations. The after-market of stainless steel should pay attention to demand performance. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the economic situation in China is mixed, which will reduce the introduction of large-scale stimulus policies. Market traders are thinking about whether stimulus policies can offset the drag of developed markets next year, so the short-term cautious wait-and-see mood is strong, and there is still some pressure above the aluminum price. It is expected that SHFE aluminum will continue to maintain a weak shock in the short term.
Zinc: Yesterday, one of the most hawkish officials of the European Central Bank made a U-turn to push up the US dollar, and Moody's downgraded China's credit rating outlook, putting pressure on the price of zinc. Traders are more cautious in receiving goods, and most of them make inquiries only after receiving orders. Downstream manufacturers are worried about the after-market, and their purchasing enthusiasm is not high, so the market trading atmosphere is slack.
Stainless Steel: The sudden rise in the price of nickel drove stainless steel futures out of the low level, the pessimism in the spot market was repaired, the price of steel strip was stable, the circulation of waste materials was tight, manufacturers just needed to purchase goods, and the psychology of holding goods and waiting to rise was prominent. There is fierce competition for long and short capital in the futures market, and the price is prone to repeated fluctuations. The after-market of stainless steel should pay attention to demand performance. (Analyzed by LTIT)
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