Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 26
2023-12-26
Copper: The spot copper price in Foshan market is stable today, and the market trading is still cautious. Although Bank of America warned that the Fed's early interest rate cut may lead to structural inflation risks, and many economists insisted on not cutting interest rates before the middle of next year, this suppressed market risk appetite. However, the current market expectation for the Fed to cut interest rates next year is still strong. SHFE copper rose slightly in the morning. The domestic new energy vehicle market continues to prosper, with both production and sales exceeding one million vehicles in November, with a significant year-on-year increase, which will boost the consumption prospect of copper for automobiles and benefit the copper price. In addition, the interference of overseas mine supply, the decline of LME social inventory and the continuous decline of SHFE copper social inventory also give some support to copper prices. Short-term copper prices may fluctuate strongly.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the short-term trend fluctuates strongly. However, the fear of high prices in the market has warmed up after the continuous rise of aluminum prices, and most aluminum manufacturers purchase on demand. Near the end of the year, most enterprises began to withdraw funds for settlement, and their willingness to replenish stocks declined in the off-season of consumption. However, the current aluminum inventory is at a low level during the year and the same period in history, which still supports the aluminum price.
Zinc: recently, the price of zinc has continued to fluctuate strongly, and traders are generally active in delivering goods. In view of the current cautious performance of downstream zinc manufacturers, which mainly purchase according to orders, the supply and demand sides of the market are deadlocked. There are not many transactions in the market, and the overall transaction is ordinary.
Stainless Steel: The periphery continued to be closed, SHFE nickel rose, stainless steel futures fell back below 14,000 yuan, the spot market was stable in price trading atmosphere, the news from the supply side was favorable to support the confidence of the price, and the reluctance to sell in the scrap industry strongly caused the poor circulation of goods and the transaction tended to be high-priced. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the short-term trend fluctuates strongly. However, the fear of high prices in the market has warmed up after the continuous rise of aluminum prices, and most aluminum manufacturers purchase on demand. Near the end of the year, most enterprises began to withdraw funds for settlement, and their willingness to replenish stocks declined in the off-season of consumption. However, the current aluminum inventory is at a low level during the year and the same period in history, which still supports the aluminum price.
Zinc: recently, the price of zinc has continued to fluctuate strongly, and traders are generally active in delivering goods. In view of the current cautious performance of downstream zinc manufacturers, which mainly purchase according to orders, the supply and demand sides of the market are deadlocked. There are not many transactions in the market, and the overall transaction is ordinary.
Stainless Steel: The periphery continued to be closed, SHFE nickel rose, stainless steel futures fell back below 14,000 yuan, the spot market was stable in price trading atmosphere, the news from the supply side was favorable to support the confidence of the price, and the reluctance to sell in the scrap industry strongly caused the poor circulation of goods and the transaction tended to be high-priced. (Analyzed by LTIT)
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