Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 21
2023-12-21
Copper: The spot copper price in Foshan market is stable today, and trading continues to be cautious. It is difficult to form resonance at home and abroad, and the domestic reality is still weak, so we need to be alert to the market's overly optimistic pricing of interest rate cuts. In addition, the eagle-pigeon game among Fed officials has caused the expectation of interest rate cuts to waver and the market preference atmosphere to be unstable. Also, the dollar rose again, putting pressure on metal prices, making the attractiveness of metal copper denominated in dollars decline and the price increase frustrated. However, the domestic copper market transactions are caught in a situation of weak supply and demand, and the actual demand is hard to increase. The downstream traders have a strong wait-and-see attitude of "seeing more and acting less", and the high price also inhibits more flexible demand downstream. The trading atmosphere is hardly ideal, and the buyer has no intention of chasing high prices, and the actual transaction is dull.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the market's fear of high sentiment warmed up, weakening the enthusiasm for purchasing. Under the background of high aluminum price in China, the market is in a weak quagmire. As the end of the year approaches, downstream enterprises generally hope to speed up the inventory clearance of related warehouses in order to seize the favorable opportunity to sell. However, due to the cautious purchase of goods in the downstream, the flexible demand declined, and the actual market transactions were less.
Zinc: SHFE zinc showed strong performance, middlemen and traders were still worried about the trend of zinc market in the future, and they were cautious in purchasing a large number of products. Most downstream manufacturers maintained on-demand procurement, and some manufacturers replenished their stocks in an appropriate amount. The overall transaction volume changed little compared with yesterday.
Stainless Steel: Stainless steel futures rose for seven consecutive years, and the main contract approached the 14,000 mark step by step. The spot price rose slightly and the transaction improved. The trading atmosphere of waste stainless steel has started because of the situation. Steel mills actively replenish the stock and raise the purchase price one after another, leading the recycling traders in the industry to increase the price and receive the goods. However, the mentality of holding the goods and refusing to sell them is outstanding, which leads to poor circulation of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the market's fear of high sentiment warmed up, weakening the enthusiasm for purchasing. Under the background of high aluminum price in China, the market is in a weak quagmire. As the end of the year approaches, downstream enterprises generally hope to speed up the inventory clearance of related warehouses in order to seize the favorable opportunity to sell. However, due to the cautious purchase of goods in the downstream, the flexible demand declined, and the actual market transactions were less.
Zinc: SHFE zinc showed strong performance, middlemen and traders were still worried about the trend of zinc market in the future, and they were cautious in purchasing a large number of products. Most downstream manufacturers maintained on-demand procurement, and some manufacturers replenished their stocks in an appropriate amount. The overall transaction volume changed little compared with yesterday.
Stainless Steel: Stainless steel futures rose for seven consecutive years, and the main contract approached the 14,000 mark step by step. The spot price rose slightly and the transaction improved. The trading atmosphere of waste stainless steel has started because of the situation. Steel mills actively replenish the stock and raise the purchase price one after another, leading the recycling traders in the industry to increase the price and receive the goods. However, the mentality of holding the goods and refusing to sell them is outstanding, which leads to poor circulation of goods. (Analyzed by LTIT)
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