Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 15
2023-12-15
Copper: The spot copper price in Foshan market rose further today, and the market transactions were cautiously improving. The US dollar index plunged by 100 points when the Federal Reserve let go of pigeons, and LME copper closed up strongly overnight, with the highest intraday price reaching $8,588, driving SHFE copper to rise across the board this morning, short-term or sprinting to the 69,000 yuan mark. Recently, the bullish factors have gathered, and copper prices rose strongly. Wall Street was shocked by Powell's sudden turn to pigeon. The crude oil in the stock market soared collectively, and the market atmosphere warmed up rapidly, pushing the commodity market to strengthen. Coupled with the closure and reduction of important copper mines, the market changed its view on oversupply, further supporting the rise of copper prices. Strong domestic policy expectations and low inventory levels provide support. However, the sharp appreciation of the renminbi has limited the increase in domestic copper prices.
Aluminum: Today, the price of aluminum in Foshan market continues to rise. The dovish remarks of Federal Reserve Chairman Powell set off the market risk appetite, and the price of aluminum at home and abroad rose strongly. In addition, the acceleration of the domestic aluminum ingot library boosted the SHFE aluminum to rise, and the northern region was affected by snowfall, and the short-term spot supply remained tight, or supported the short-term aluminum price shock.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate and climb. Merchants lack confidence in the after-market, which suppresses the trading atmosphere in the market. Downstream purchases are made in small quantities according to orders. The actual market demand is poor and the overall transaction is dull. During the year, zinc ingots will remain in surplus, and the spot price has fallen by more than 1,000 yuan, and the downward pressure still exists. In the short term, zinc may remain volatile and rebound.
Stainless Steel: The weakening of the US dollar stimulated the collective carnival of metals, LME nickel rose again to approach the 17,000 mark, SHFE nickel took advantage of the situation to rebound, stainless steel futures continued to rise, the spot market took advantage of the low intervention mood to release, and manufacturers in the scrap industry raised the receiving price, and the market rose slightly. The news is expected to be well supported, and the stainless steel market is temporarily in a stable state. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise. The dovish remarks of Federal Reserve Chairman Powell set off the market risk appetite, and the price of aluminum at home and abroad rose strongly. In addition, the acceleration of the domestic aluminum ingot library boosted the SHFE aluminum to rise, and the northern region was affected by snowfall, and the short-term spot supply remained tight, or supported the short-term aluminum price shock.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate and climb. Merchants lack confidence in the after-market, which suppresses the trading atmosphere in the market. Downstream purchases are made in small quantities according to orders. The actual market demand is poor and the overall transaction is dull. During the year, zinc ingots will remain in surplus, and the spot price has fallen by more than 1,000 yuan, and the downward pressure still exists. In the short term, zinc may remain volatile and rebound.
Stainless Steel: The weakening of the US dollar stimulated the collective carnival of metals, LME nickel rose again to approach the 17,000 mark, SHFE nickel took advantage of the situation to rebound, stainless steel futures continued to rise, the spot market took advantage of the low intervention mood to release, and manufacturers in the scrap industry raised the receiving price, and the market rose slightly. The news is expected to be well supported, and the stainless steel market is temporarily in a stable state. (Analyzed by LTIT)
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