Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 11
2023-12-11
Copper: Today, the spot copper price in Foshan market continues to rise slightly, and the market sentiment has improved. The bright economic data of China helped to warm up the market sentiment, and the market expected that the Federal Reserve might start to cut interest rates next year, which helped to boost the expectation of global economic growth. The demand for imported copper from China was strong, the low inventory supported the price, the copper futures fluctuated upward, and the resilience of SHFE copper increased. However, trading in the spot market is still cautious. Due to the tightening of capital flow at the end of the year and the big gap between the exchange of copper for the month, the premium of copper for electricity has narrowed and suppressed consumption. The copper for electricity in Guangdong has continued to increase to about 14,588 tons, and most copper factories and enterprises mainly purchase on demand and make annual settlement and return funds. The traders expect short-term copper prices to continue to fluctuate repeatedly within the range.
Aluminum: The price of aluminum in Foshan market has not changed much today. At present, the downstream consumption of aluminum market is still poor, and spot trading has not changed the downturn. Under the background of traditional consumption off-season, the pressure above aluminum price is obvious. With the increasing liquidity of funds in the year-end and month-end, purchasing the final payment by order is still the main operation of aluminum enterprises in the near future, and the national aluminum social inventory continues to decline slightly.
Zinc: The price of zinc fluctuated within a narrow range, and the traders near delivery were more positive in their shipping mentality. The purchasing enthusiasm of downstream manufacturers was obviously insufficient. Most manufacturers still kept a cautious wait-and-see attitude, and bought small quantities with rigid demand. Most of the transactions came from traders. During the year, zinc ingots will remain in surplus, and the spot price has dropped by more than 1,000 yuan, and the downward pressure still exists. It is expected to remain volatile in the short term.
Stainless Steel: LME nickel hit 17,000 but failed, SHFE nickel and stainless steel futures were between rising and falling, the spot market showed signs of cooling, the steel strip transaction was average, steel mills suppressed the price of waste stainless steel by implication, which formed a stalemate with the psychology of holding goods for rising, and broke through the weakness. When the rebound of nickel price is blocked, the stainless steel market is slack and the market is slack as well. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market has not changed much today. At present, the downstream consumption of aluminum market is still poor, and spot trading has not changed the downturn. Under the background of traditional consumption off-season, the pressure above aluminum price is obvious. With the increasing liquidity of funds in the year-end and month-end, purchasing the final payment by order is still the main operation of aluminum enterprises in the near future, and the national aluminum social inventory continues to decline slightly.
Zinc: The price of zinc fluctuated within a narrow range, and the traders near delivery were more positive in their shipping mentality. The purchasing enthusiasm of downstream manufacturers was obviously insufficient. Most manufacturers still kept a cautious wait-and-see attitude, and bought small quantities with rigid demand. Most of the transactions came from traders. During the year, zinc ingots will remain in surplus, and the spot price has dropped by more than 1,000 yuan, and the downward pressure still exists. It is expected to remain volatile in the short term.
Stainless Steel: LME nickel hit 17,000 but failed, SHFE nickel and stainless steel futures were between rising and falling, the spot market showed signs of cooling, the steel strip transaction was average, steel mills suppressed the price of waste stainless steel by implication, which formed a stalemate with the psychology of holding goods for rising, and broke through the weakness. When the rebound of nickel price is blocked, the stainless steel market is slack and the market is slack as well. (Analyzed by LTIT)
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