Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 27
2024-12-27
Copper: The spot copper price in Foshan market continues to be stable today, and the overall trend is strong this week. In the morning, the transaction heat in the spot market was average, the goods-holders continued to be reluctant to sell at a high price, the spot maintained a premium trend, the downstream buyers entered the market on demand, the enthusiasm for inquiry was not strong, the overall pace of low-cost procurement was maintained, and the elasticity of demand release was lacking, resulting in weak market trading. Due to the expected entry into 2025, there are many uncertain factors in the market, and copper manufacturers are cautious and have a strong wait-and-see mood, and the main task is to settle and recover the final payment. Domestic electrolytic copper is affected by the low supply of goods, and the premium in Guangdong continues to rise, which is much higher than that in East China. However, the transaction of recycled copper is still blocked by the reverse invoicing in some areas, and most enterprises receive goods at a lower price.
Aluminum: Today, the price of aluminum in Foshan market fluctuated slightly. Near the end of the year, the buying gas in the aluminum market has obviously weakened. At present, the aluminum market is biased towards more and less, and the demand for aluminum mining is slowing down. Most traders find it difficult to receive goods because of the settlement of accounts, and the transaction is light. Overall, the pressure above the aluminum price is still relatively high, and there may still be room for decline in the short term. However, the cost support of the aluminum market still exists, and the expected decline is limited.
Zinc: The downward trend of zinc price is blocked, and the fear of falling hangs over the market. Downstream middlemen and traders are worried about the trend of zinc market, and there are still not many purchases. The purchasing intention of materials manufacturers is not strong, and most of them maintain on-demand procurement, and market transactions are weak. The supply side is tight, the macro-sentiment and policy support for zinc price is weakened, and zinc is expected to fluctuate within the range of 24,800 ~ 25,800 in the short term.
Stainless Steel: LME nickel continued to rebound after Christmas. It is expected that the nickel price will be strong in the near future, but the oversupply of fundamentals will limit the upside of the after-market. Stainless steel futures held steady at the 13,000 mark, and the spot market closed at the end of the year, and the steel strip transaction was weak and there was a risk of price reduction. The scrap transaction was plagued by financial factors, and manufacturers generally maintained low-price receipt, and the supply transaction was not smooth. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market fluctuated slightly. Near the end of the year, the buying gas in the aluminum market has obviously weakened. At present, the aluminum market is biased towards more and less, and the demand for aluminum mining is slowing down. Most traders find it difficult to receive goods because of the settlement of accounts, and the transaction is light. Overall, the pressure above the aluminum price is still relatively high, and there may still be room for decline in the short term. However, the cost support of the aluminum market still exists, and the expected decline is limited.
Zinc: The downward trend of zinc price is blocked, and the fear of falling hangs over the market. Downstream middlemen and traders are worried about the trend of zinc market, and there are still not many purchases. The purchasing intention of materials manufacturers is not strong, and most of them maintain on-demand procurement, and market transactions are weak. The supply side is tight, the macro-sentiment and policy support for zinc price is weakened, and zinc is expected to fluctuate within the range of 24,800 ~ 25,800 in the short term.
Stainless Steel: LME nickel continued to rebound after Christmas. It is expected that the nickel price will be strong in the near future, but the oversupply of fundamentals will limit the upside of the after-market. Stainless steel futures held steady at the 13,000 mark, and the spot market closed at the end of the year, and the steel strip transaction was weak and there was a risk of price reduction. The scrap transaction was plagued by financial factors, and manufacturers generally maintained low-price receipt, and the supply transaction was not smooth. (Analyzed by LTIT)
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