Metal Scrap Performance in China
Current location: Home - Metal Scrap Performance in China
Metal scraps performances in Foshan market on December 18
2023-12-18
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. The hawkish raid of the Federal Reserve boosted the rise of the US dollar against the trend, which suppressed the metal market. As a result, the expectation of interest rate cuts cooled down, the rise of copper futures was blocked, the price continued to be high and narrow consolidation, and the spot copper price did not change much. Copper factories and enterprises basically used high-throwing and low-sucking or on-demand procurement to prevent risks. At present, China's economic rebound is weaker than expected, which puts pressure on copper prices. At the same time, the domestic off-season atmosphere is strong and the consumption near the end of the year is getting weaker, which leads to the downward pressure on copper prices. The trading volume in the downstream market continues to be sluggish, and the overall performance of premium is weak and volatile, which restricts the rebound height of copper prices. However, there is a low inventory below the copper price to provide support, and it is expected that the short-term copper price will fluctuate at a high level.
Aluminum: Today, the price of aluminum in Foshan market is rising further, and the short-term trend is good. Domestic aluminum stocks decreased from about 680,000 tons at the beginning of November to 480,000 tons at the end of last week, with a decrease rate of about 30%. Domestic aluminum ingots went out of storage to support the increase of aluminum prices beyond expectations, and the supply in December remained tight. Aluminum prices continued to fluctuate at a high level for a short time, but it is not appropriate to chase after them too much.
Zinc: Today, the price of zinc in Foshan market continues to rise slowly. Middlemen and traders are still worried about the trend of zinc market in the future, and they are cautious in purchasing in large quantities. Most downstream manufacturers maintain on-demand procurement, and some manufacturers replenish their stocks in moderation, and the overall turnover has not changed much. The macro mood of the market may maintain a warm performance, and zinc will remain volatile and rebound in the short term.
Stainless Steel: LME nickel continued to challenge the 17,000 mark, SHFE nickel and stainless steel futures fluctuated slightly, the spot market was tepid, the price increase did not move, the scrap industry maintained a stable trading atmosphere, the psychology of holding goods for growth was prominent, and the circulation of supply transactions was less. Nickel prices may rebound in the short term, but the pattern of strong supply and weak demand in the market remains the same, and the price increase is expected to be limited. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is rising further, and the short-term trend is good. Domestic aluminum stocks decreased from about 680,000 tons at the beginning of November to 480,000 tons at the end of last week, with a decrease rate of about 30%. Domestic aluminum ingots went out of storage to support the increase of aluminum prices beyond expectations, and the supply in December remained tight. Aluminum prices continued to fluctuate at a high level for a short time, but it is not appropriate to chase after them too much.
Zinc: Today, the price of zinc in Foshan market continues to rise slowly. Middlemen and traders are still worried about the trend of zinc market in the future, and they are cautious in purchasing in large quantities. Most downstream manufacturers maintain on-demand procurement, and some manufacturers replenish their stocks in moderation, and the overall turnover has not changed much. The macro mood of the market may maintain a warm performance, and zinc will remain volatile and rebound in the short term.
Stainless Steel: LME nickel continued to challenge the 17,000 mark, SHFE nickel and stainless steel futures fluctuated slightly, the spot market was tepid, the price increase did not move, the scrap industry maintained a stable trading atmosphere, the psychology of holding goods for growth was prominent, and the circulation of supply transactions was less. Nickel prices may rebound in the short term, but the pattern of strong supply and weak demand in the market remains the same, and the price increase is expected to be limited. (Analyzed by LTIT)
WWW.LINGTONG.INFO is China's most authoritative information provider on non-ferrous scrap metals. Once registered, your account will be available on both Chinese and English websites. More information is waiting for you on www.lingtong.info . Register now for free!
