Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 30
2023-11-30
Copper: Today, the spot copper price in Foshan market is stable, and market transactions continue to be cautious. This week, copper prices continued to consolidate at a high level and in a narrow range. Since November, the center of gravity of copper trading has moved up. At present, SHFE copper has remained above 68,000 yuan. According to the analysis, the current China real estate index has fallen to a new low in 1914, and the market sentiment has been frustrated, which has caused some upward resistance to copper prices. However, there is low inventory under SHFE copper to provide support, which limits the downward range. In addition, Panama has announced the closure of Cobre copper mine in general, and the supply side is expected to tighten, which also supports the copper price. At present, the copper price is consolidating, and the focus of the market is turning to wait for Powell's speech, hoping to find some key guidance from it.
Aluminum: Today, the aluminum price in Foshan market continued to drop slightly. Short-term funds entered the market to suppress the price of SHFE aluminum. Market investors were bearish on the market outlook and thought that the price would continue to fall, and then they chose to sell futures, which led to the strengthening of short-selling power in the market and the pressure on aluminum prices. Off-season consumption is tepid, spot transactions are weak, the operating rate of downstream processing enterprises is less than expected, and aluminum prices may fluctuate weakly.
Zinc: High inventory suppresses the price of zinc, and the market wait-and-see atmosphere remains unchanged. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders, and the overall market demand is average.
Stainless Steel: LME nickel rose more than 2% and broke through $17,000. Domestic SHFE nickel rose continuously to repair the 130,000 mark, and stainless steel futures also rose to $14,000. The overall market maintained an upward trend. The price of steel strip is repaired and raised, and the transaction is rational after the increase. The scrap traders continue to pursue high procurement, and the 304 high-quality supply transaction is approaching the 10,000-yuan mark. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continued to drop slightly. Short-term funds entered the market to suppress the price of SHFE aluminum. Market investors were bearish on the market outlook and thought that the price would continue to fall, and then they chose to sell futures, which led to the strengthening of short-selling power in the market and the pressure on aluminum prices. Off-season consumption is tepid, spot transactions are weak, the operating rate of downstream processing enterprises is less than expected, and aluminum prices may fluctuate weakly.
Zinc: High inventory suppresses the price of zinc, and the market wait-and-see atmosphere remains unchanged. Traders are more cautious in receiving goods, and basically maintain low inventory operations. Most of them make inquiries after receiving orders, and the overall market demand is average.
Stainless Steel: LME nickel rose more than 2% and broke through $17,000. Domestic SHFE nickel rose continuously to repair the 130,000 mark, and stainless steel futures also rose to $14,000. The overall market maintained an upward trend. The price of steel strip is repaired and raised, and the transaction is rational after the increase. The scrap traders continue to pursue high procurement, and the 304 high-quality supply transaction is approaching the 10,000-yuan mark. (Analyzed by LTIT)
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