Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 8
2023-12-8
Copper: The spot copper price in Foshan market rose slightly today, and the market sentiment improved. The weakening of the US dollar led to the rise of metal prices, and LME copper ended its three-day losing streak and jumped strongly overnight, which led SHFE copper to stop falling and rise. China's strong export data boosted market sentiment, indicating that China's stimulus strategy began to produce positive results. In addition, the appreciation of RMB has also stimulated the market's desire to buy, and the continuous strong production and sales data of new energy vehicles has played a positive role in promoting the consumption of metallic copper. China municipal government has been stepping up its policy, and has introduced a series of measures for the real estate industry, which has provided strong support for copper prices. In addition, SHFE copper stocks are at a low level, which supports the copper price, and the copper price is expected to run in a warmer trend in the short term.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, but the increase was still limited. Since November, aluminum prices have been running weakly, and market confidence has been hit hard. At present, the fundamentals of aluminum market lack driving force, and the market circulation is loose. At the end of the year, the off-season demand weakened, new orders continued to weaken, traders were cautious and wait-and-see, and the sellers had no choice but to increase their selling efforts, and the transaction was deadlocked.
Zinc: The price of zinc has risen moderately, the trading atmosphere in the market tends to be dull, and the upward momentum of zinc price is insufficient, which affects the purchasing mentality of traders and manufacturers to a certain extent, making traders and manufacturers think that the trend of zinc market will present more uncertainty, and the market is in a state of continuous wait and see, and most of them are mainly based on small purchases on demand. There may be a staged rebound after short-term negative digestion.
Stainless Steel: LME nickel rose continuously and approached the $17,000 mark, and SHFE nickel weighed more than $130,000. The spot market transactions gradually picked up, and the atmosphere of shouting up began to reappear. Scrap manufacturers actively followed up and inquired about the goods, and generally raised their quotations to stimulate the supply of goods. At present, the stainless steel market is supported by low replenishment, and the upside of the after-market depends on the demand heat. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, but the increase was still limited. Since November, aluminum prices have been running weakly, and market confidence has been hit hard. At present, the fundamentals of aluminum market lack driving force, and the market circulation is loose. At the end of the year, the off-season demand weakened, new orders continued to weaken, traders were cautious and wait-and-see, and the sellers had no choice but to increase their selling efforts, and the transaction was deadlocked.
Zinc: The price of zinc has risen moderately, the trading atmosphere in the market tends to be dull, and the upward momentum of zinc price is insufficient, which affects the purchasing mentality of traders and manufacturers to a certain extent, making traders and manufacturers think that the trend of zinc market will present more uncertainty, and the market is in a state of continuous wait and see, and most of them are mainly based on small purchases on demand. There may be a staged rebound after short-term negative digestion.
Stainless Steel: LME nickel rose continuously and approached the $17,000 mark, and SHFE nickel weighed more than $130,000. The spot market transactions gradually picked up, and the atmosphere of shouting up began to reappear. Scrap manufacturers actively followed up and inquired about the goods, and generally raised their quotations to stimulate the supply of goods. At present, the stainless steel market is supported by low replenishment, and the upside of the after-market depends on the demand heat. (Analyzed by LTIT)
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