Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 20
2023-12-20
Copper: The spot copper price in Foshan market rose again today, and the trading tended to be positive. The closure of overseas mines and the decline in LME copper stocks caused supply worries, which supported the copper price. Domestic demand remained flexible to provide price support, and refined copper imports were expected to be strong in December, indicating that China's consumption prospects were optimistic and had a positive impact on copper prices. In addition, the sudden events in the Red Sea led to the continuous rise of crude oil prices, the continuous efforts of domestic steady growth policies and the tight energy supply caused by the cold wave, which also played a certain role in driving copper prices. Traders predict that short-term copper prices will remain volatile. At present, SHFE copper 69,000 yuan is still the recent test pressure level, and copper factories and enterprises are relatively cautious in purchasing according to settlement demand, and the premium of electrolytic copper is narrowed.
Aluminum: Today, the aluminum price in Foshan market is stable, and the short-term trend fluctuates strongly. There are still some concerns about the domestic supply side, and there may be a second round of production reduction in Yunnan. Coupled with the influence of extremely cold weather in the north, the delivery of aluminum ingots is blocked, which will support the aluminum price in the short term. However, the spot demand performance is weak, and the motivation for merchants to enter the market to replenish stocks is obviously insufficient, which limits the increase.
Zinc: The situation in the Red Sea pushed up the oil price to drive the price of zinc higher. Most of the market participants were cautious, and the cargo-holders were willing to ship. The downstream manufacturers had obvious wait-and-see mood, and most of them were mainly based on inquiry. In addition, the manufacturers responded to the slowdown in orders, and the fear of falling enveloped the market, and the market transactions turned weak. Social stocks are at a relatively low level and the price of zinc is high. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: Stainless steel futures rose continuously, and recorded six consecutive rises. The confidence in the spot market gradually increased. The steel strip rose with small steps, and the transaction improved, which promoted the enthusiasm of scrap manufacturers to purchase and replenish. Buyers generally raised the receiving price to stimulate the circulation of goods. At present, the spread between the spot price and the futures price has reached a level, thus attention should be paid to the spot price and the rise percent.
Aluminum: Today, the aluminum price in Foshan market is stable, and the short-term trend fluctuates strongly. There are still some concerns about the domestic supply side, and there may be a second round of production reduction in Yunnan. Coupled with the influence of extremely cold weather in the north, the delivery of aluminum ingots is blocked, which will support the aluminum price in the short term. However, the spot demand performance is weak, and the motivation for merchants to enter the market to replenish stocks is obviously insufficient, which limits the increase.
Zinc: The situation in the Red Sea pushed up the oil price to drive the price of zinc higher. Most of the market participants were cautious, and the cargo-holders were willing to ship. The downstream manufacturers had obvious wait-and-see mood, and most of them were mainly based on inquiry. In addition, the manufacturers responded to the slowdown in orders, and the fear of falling enveloped the market, and the market transactions turned weak. Social stocks are at a relatively low level and the price of zinc is high. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: Stainless steel futures rose continuously, and recorded six consecutive rises. The confidence in the spot market gradually increased. The steel strip rose with small steps, and the transaction improved, which promoted the enthusiasm of scrap manufacturers to purchase and replenish. Buyers generally raised the receiving price to stimulate the circulation of goods. At present, the spread between the spot price and the futures price has reached a level, thus attention should be paid to the spot price and the rise percent.
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