Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 19
2023-12-19
Copper: The spot copper price in Foshan market fell slightly today, and trading continued to be cautious. Short-term copper prices remained high and fluctuated sideways, waiting for more directions. On the news, the uncertainty of global central bank's interest rate has warmed up the cautious atmosphere in the market. The market basically digested the expectation of the Fed's interest rate cut, superimposed the hawkish remarks of the Fed's No.3 figure on Monday, which broke the optimism of the market, and copper prices fell slightly under pressure. Fundamentally, China's refined copper output in November increased by 12.3% year-on-year to 1.14 million tons, and the domestic demand was weak. The real estate was in trouble, which dragged down the demand for industrial metals, and the superimposed spot consumption was dull, and the market trading remained bleak. In the short term, the pressure above the copper price is obvious, but the downside is also expected to be limited.
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the short-term trend fluctuates strongly. Domestic aluminum ingot transportation is delayed and the downstream replenishment is active. Recently, the consumption of aluminum market has improved obviously, and the continuous decline of domestic aluminum ingot social storage is close to the lowest point in the year, which has formed a strong support for aluminum prices. However, there is no big warming trend in the downstream construction of aluminum, and the enthusiasm of terminal stocking is not good, which limits the increase.
Zinc: Today, the price of zinc in Foshan market has not changed much, and the market has a strong wait-and-see atmosphere. Traders are more cautious in purchasing goods, and they all focus on maintaining existing stocks. Downstream manufacturers are also cautious, and they basically purchase goods according to orders. Most of the overall market transactions come from traders.
Stainless Steel: LME nickel failed to break through 17,000, the end of the session fell by nearly 4%, SHFE nickel was pressed back to the 130,000 mark, and stainless steel futures withstood the pressure and continued to rise. The spot market is cautious, and the scrap industry is mainly based on single operation. The manufacturer negotiates according to the quotation range, and the transaction is deadlocked. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the short-term trend fluctuates strongly. Domestic aluminum ingot transportation is delayed and the downstream replenishment is active. Recently, the consumption of aluminum market has improved obviously, and the continuous decline of domestic aluminum ingot social storage is close to the lowest point in the year, which has formed a strong support for aluminum prices. However, there is no big warming trend in the downstream construction of aluminum, and the enthusiasm of terminal stocking is not good, which limits the increase.
Zinc: Today, the price of zinc in Foshan market has not changed much, and the market has a strong wait-and-see atmosphere. Traders are more cautious in purchasing goods, and they all focus on maintaining existing stocks. Downstream manufacturers are also cautious, and they basically purchase goods according to orders. Most of the overall market transactions come from traders.
Stainless Steel: LME nickel failed to break through 17,000, the end of the session fell by nearly 4%, SHFE nickel was pressed back to the 130,000 mark, and stainless steel futures withstood the pressure and continued to rise. The spot market is cautious, and the scrap industry is mainly based on single operation. The manufacturer negotiates according to the quotation range, and the transaction is deadlocked. (Analyzed by LTIT)
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