Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 25
2023-12-25
Copper: The spot copper price in Foshan market fell slightly today, and the market was cautious. Overseas coincides with Christmas, LME market is closed for 2 days, the market is cold, and traders have no more buying instructions for the time being. With the end of the year approaching in China, the consumption prospect in the off-season market is getting colder and colder. At present, the copper price is still on the high side of the range, and the receiver is cautious about it. The purchasing power is seriously insufficient, and there is a general fear of heights, and there are many phenomena of underpricing, which makes spot trading continue to be limited. With the tight liquidity at the end of the year, factories and enterprises basically purchase goods according to actual demand, and there is little chasing behavior; The purchasing mood of the downstream wire and cable industry is depressed, which leads to the decline in the operating rate of processing plants. In the short term, domestic copper prices may continue to be under pressure, mainly weak shocks.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the fall of SHFE aluminum caused the fear of high in the aluminum market to heat up, making trading more cautious. The successive surge in aluminum prices at the end of the year has created great psychological pressure on aluminum-using enterprises. At present, merchants basically purchase according to the final settlement demand, and the transaction volume is limited; At present, the demand in the aluminum market is weak, so it is necessary to guard against the profitable market in the high aluminum price.
Zinc: Due to the lack of external guidance, the domestic zinc price has slowed down, and the wait-and-see atmosphere in the market remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are worried about the zinc price in the after-market, mostly waiting and seeing, and their purchasing enthusiasm is not high. Most of them are traders, and the overall transaction is average. The market expects zinc to maintain a volatile upward trend in the short term.
Stainless Steel: The Christmas is coming, and the explosion of Indonesian nickel factory has not been affected for the time being. SHFE nickel turned green without guidance, and stainless steel futures performed strongly and broke through the 14,000 mark. The spot market continued to be "active" and was surrounded by rising voices. The scrap traders maintained enthusiasm for pursuing high prices, and manufacturers raised the receiving price step by step to stimulate the transaction of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the fall of SHFE aluminum caused the fear of high in the aluminum market to heat up, making trading more cautious. The successive surge in aluminum prices at the end of the year has created great psychological pressure on aluminum-using enterprises. At present, merchants basically purchase according to the final settlement demand, and the transaction volume is limited; At present, the demand in the aluminum market is weak, so it is necessary to guard against the profitable market in the high aluminum price.
Zinc: Due to the lack of external guidance, the domestic zinc price has slowed down, and the wait-and-see atmosphere in the market remains unchanged. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are worried about the zinc price in the after-market, mostly waiting and seeing, and their purchasing enthusiasm is not high. Most of them are traders, and the overall transaction is average. The market expects zinc to maintain a volatile upward trend in the short term.
Stainless Steel: The Christmas is coming, and the explosion of Indonesian nickel factory has not been affected for the time being. SHFE nickel turned green without guidance, and stainless steel futures performed strongly and broke through the 14,000 mark. The spot market continued to be "active" and was surrounded by rising voices. The scrap traders maintained enthusiasm for pursuing high prices, and manufacturers raised the receiving price step by step to stimulate the transaction of goods. (Analyzed by LTIT)
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