Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 14
2023-12-14
Copper: The spot copper price in Foshan market rose slightly today, and the market transactions were cautiously improving. Important domestic conferences release heavy signals and bulls' emotions increase. The meeting called for continuing to implement a proactive fiscal policy and a prudent monetary policy next year to inject confidence into the market. The Federal Reserve announced that it would keep interest rates unchanged and hinted that it would cut interest rates three times next year, which marked a shift in the Fed's policy stance. The US dollar index fell below 103, easing some pressure on the copper market. Copper prices in SHFE and LME both rose today. At present, the spot copper is basically flat, and most copper factories and enterprises purchase according to the settlement demand. The inventory of copper in Guangdong is expected to change little. At present, the copper market is in the off-season of seasonal demand, which has a partial suppression effect on copper. It is estimated that the copper futures of 68,000 yuan will be the short-term test support.
Aluminum: Today, the aluminum price in Foshan market rebounded sharply, after the continuous correction of aluminum price and the decline of inventory attracted funds to pay attention to the aluminum market. SHFE aluminum rebounded before delivery and regained above 18,500. Traders continued to operate according to the settlement demand and paid attention to the aluminum trend after delivery. Some of them were slightly cautious because of the risk of a large upward price, and the transaction improved.
Zinc: Today, the price of zinc in Foshan market has stopped falling and rebounded, and the Federal Reserve's pigeon dollar index has helped the price of zinc to rise. Downstream middlemen and traders are worried about the trend of zinc market in the future and maintain their enthusiasm for shipment. Zinc manufacturers are not strong in purchasing intention, and most of them maintain on-demand procurement. The market transactions are basically from traders, and the overall market transactions are average.
Stainless Steel: The Federal Reserve releases the signal of doves' big turn next year. The rapid decline of the US dollar stimulated the collective rise of metals, LME nickel rose, the fundamentals of stainless steel were weak, the market stood still, and the whole market was in a slack state. The scrap market continues to be suppressed by the weakness of steel belts, and manufacturers in the industry maintain low bargaining transactions. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market rebounded sharply, after the continuous correction of aluminum price and the decline of inventory attracted funds to pay attention to the aluminum market. SHFE aluminum rebounded before delivery and regained above 18,500. Traders continued to operate according to the settlement demand and paid attention to the aluminum trend after delivery. Some of them were slightly cautious because of the risk of a large upward price, and the transaction improved.
Zinc: Today, the price of zinc in Foshan market has stopped falling and rebounded, and the Federal Reserve's pigeon dollar index has helped the price of zinc to rise. Downstream middlemen and traders are worried about the trend of zinc market in the future and maintain their enthusiasm for shipment. Zinc manufacturers are not strong in purchasing intention, and most of them maintain on-demand procurement. The market transactions are basically from traders, and the overall market transactions are average.
Stainless Steel: The Federal Reserve releases the signal of doves' big turn next year. The rapid decline of the US dollar stimulated the collective rise of metals, LME nickel rose, the fundamentals of stainless steel were weak, the market stood still, and the whole market was in a slack state. The scrap market continues to be suppressed by the weakness of steel belts, and manufacturers in the industry maintain low bargaining transactions. (Analyzed by LTIT)
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