Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 13
2023-12-13
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. At present, the copper market is intertwined with short positions, and the closure of overseas mines has caused concern about tight supply, which has supported the copper price. However, it is difficult for domestic spot to have a strong performance. Recently, the inventory has been repeated repeatedly, and there is a slight expectation of accumulating stocks. The confidence of the market has gradually faded, and the copper price has been slightly lowered under pressure. At this time, the downstream consumption will be in the off-season environment at the end of the year, and the demand will be even weaker. In addition, the supply of recycled copper will slow down, which will have a negative impact on the consumption of refined copper. The pressure above the copper price is obvious, and it is expected that the short-term copper price will fluctuate within a narrow range. Judging from its financial attributes, 68000 copper is still a recent support test position.
Aluminum: Today, the aluminum price in Foshan market is stable. The contradiction between supply and demand of SHFE aluminum is general, and the aluminum ingot library has been accelerated. Under the background of off-season consumption, the library has been declining for four consecutive weeks, which has certain support for aluminum prices. However, the import volume remained high, which supplemented the domestic supply and suppressed the aluminum price. At present, the market is in a state of long and short entanglement, and there is insufficient confidence in doing long or short, and the ups and downs are expected to be limited.
Zinc: Today, the price of zinc in Foshan market is falling under pressure. Traders are cautious in receiving goods, maintaining the principle of buying and selling now, and actively making inquiries in the market only when the orders are fulfilled. The downstream zinc manufacturers are also relatively cautious in their demand, and the overall market transactions have not changed much this week. The end of the mine continues to be tight, and zinc ingots will remain surplus during the year. It is expected that zinc prices will remain volatile in the short term.
Stainless Steel: The price of nickel has been rising for several days. Stainless steel is "strong in futures and weak in spot", and the actual transaction in the market is average. At present, the turnover of ferronickel has fallen to around 900, the price center of stainless steel raw materials has moved down, the cost support has dropped obviously, the scrap market has been under pressure, and the procurement of steel mills is generally inclined to depress prices, which has led to the subsequent downward adjustment of market transactions in the industry. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. The contradiction between supply and demand of SHFE aluminum is general, and the aluminum ingot library has been accelerated. Under the background of off-season consumption, the library has been declining for four consecutive weeks, which has certain support for aluminum prices. However, the import volume remained high, which supplemented the domestic supply and suppressed the aluminum price. At present, the market is in a state of long and short entanglement, and there is insufficient confidence in doing long or short, and the ups and downs are expected to be limited.
Zinc: Today, the price of zinc in Foshan market is falling under pressure. Traders are cautious in receiving goods, maintaining the principle of buying and selling now, and actively making inquiries in the market only when the orders are fulfilled. The downstream zinc manufacturers are also relatively cautious in their demand, and the overall market transactions have not changed much this week. The end of the mine continues to be tight, and zinc ingots will remain surplus during the year. It is expected that zinc prices will remain volatile in the short term.
Stainless Steel: The price of nickel has been rising for several days. Stainless steel is "strong in futures and weak in spot", and the actual transaction in the market is average. At present, the turnover of ferronickel has fallen to around 900, the price center of stainless steel raw materials has moved down, the cost support has dropped obviously, the scrap market has been under pressure, and the procurement of steel mills is generally inclined to depress prices, which has led to the subsequent downward adjustment of market transactions in the industry. (Analyzed by LTIT)
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