Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 22
2023-12-22
Copper: The spot copper price in Foshan market rose slightly today, and the trading mood in the market was cautiously improving. The Fed's interest rate cut is expected to return to an increase in risk appetite again, and the US GDP growth rate in the third quarter declined, dragging down the trend of the US dollar, and the US dollar index fell to a four-month low of 101.71. Fitch Ratings said that China's economic stimulus and industrial recovery will boost global mining demand next year, the demand for basic metals will increase in 2024, and the demand for metals in China will continue to grow. The escalation of the situation in the Red Sea will increase the cost and delay of global trade, and commodity prices are expected to rise. Under many positive policies, the metal market ushered in a warm wind, and the copper prices in SHFE and LME rose together. However, before the Christmas holiday, most copper manufacturers were cautious and the price fluctuated strongly.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. Since last Thursday, the price of aluminum has been rising for several days, and the trend is obviously stronger than that of other metals, thanks to the decline in inventory. Affected by the year-end and bad weather, the national aluminum social inventory continued to fall to about 440,000 tons. However, under the background of high domestic aluminum prices, the market fell into a weak quagmire, and the downstream factories were afraid of high sentiment and were cautious in purchasing.
Zinc: The price of zinc continues to rise, traders' shipping mentality is more positive, downstream manufacturers' purchasing enthusiasm is still not high, and the wait-and-see mood is relatively strong, basically maintaining on-demand procurement. During this period, most of the transactions came from the contributions of traders, and the overall market transactions were average. At present, the social inventory is at a relatively low level, and the price of zinc has some support. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: LME nickel has increased to 17,000 USD, SHFE nickel and stainless steel futures have continued to rise, the spot market has an active atmosphere of shouting and rising, the price of steel strip has improved, steel mills have actively replenished purchasing waste, and manufacturers in the industry have joined the chase, and the transaction price has continued to rise. At present, the bullish mentality of the market continues to be released, and stainless steel continues to rise. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. Since last Thursday, the price of aluminum has been rising for several days, and the trend is obviously stronger than that of other metals, thanks to the decline in inventory. Affected by the year-end and bad weather, the national aluminum social inventory continued to fall to about 440,000 tons. However, under the background of high domestic aluminum prices, the market fell into a weak quagmire, and the downstream factories were afraid of high sentiment and were cautious in purchasing.
Zinc: The price of zinc continues to rise, traders' shipping mentality is more positive, downstream manufacturers' purchasing enthusiasm is still not high, and the wait-and-see mood is relatively strong, basically maintaining on-demand procurement. During this period, most of the transactions came from the contributions of traders, and the overall market transactions were average. At present, the social inventory is at a relatively low level, and the price of zinc has some support. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: LME nickel has increased to 17,000 USD, SHFE nickel and stainless steel futures have continued to rise, the spot market has an active atmosphere of shouting and rising, the price of steel strip has improved, steel mills have actively replenished purchasing waste, and manufacturers in the industry have joined the chase, and the transaction price has continued to rise. At present, the bullish mentality of the market continues to be released, and stainless steel continues to rise. (Analyzed by LTIT)
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