Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 1
2023-12-1
Copper: Spot copper prices in Foshan market rose slightly today, and market transactions continued to be cautious. Overall, copper prices continued to fluctuate at a high level this week, and the main contract of SHFE copper approached the 69,000 yuan mark. Macroscopically, the copper market is still bullish, and the trader are still optimistic about the short-term copper price trend. At present, the production interruption of important overseas copper mines aggravates the supply worries. The Cobre copper mine accounts for about 1% of the global copper supply, which supports the copper price. The development of new energy in China is still a bright spot of consumption, and the demand for industrial metals in the green energy industry has reached its peak, which is conducive to boosting copper prices. In addition, SHFE copper stocks are still running at a low level, which has a supporting effect on copper prices. It is widely expected that the short-term copper price will still fluctuate strongly.
Aluminum: Today, the price of aluminum in Foshan market is stable, and the trend is weak this week. At present, the macro atmosphere is weak to restrain the rise of aluminum price, the fundamental support is insufficient, the spot circulation pressure is still high, the trading of downstream bearish sentiment is weak, and the atmosphere of off-season is strong. The sluggish terminal consumption leads to the continuous weakening of market trading sentiment, and the short-term aluminum price is under pressure, and the price may fluctuate and decline.
Zinc: The surge of LME zinc inventory in November suppressed the trend of zinc price. Recently, the enthusiasm for receiving goods downstream of zinc was weak, and most materials manufacturers and traders remained cautious and did not replenish stocks in large quantities. Market participants said that the current performance of zinc price is too poor, and that the possibility of zinc price rising in the short term is low, and they are worried that zinc price will go down, and fear of falling over the market leads to dull spot trading.
Stainless Steel: When the good news gradually digested, LME nickel rose and met with resistance, SHFE nickel and stainless steel futures both fell, the cautious mood in the spot market warmed up, trading turned to wait-and-see attitude, scrap manufacturers regained their confidence in chasing up, the receiving price generally retreated, and the overall market upward momentum slowed down. In short, the lack of demand support, stainless steel rise does not have the bottom foundation. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is stable, and the trend is weak this week. At present, the macro atmosphere is weak to restrain the rise of aluminum price, the fundamental support is insufficient, the spot circulation pressure is still high, the trading of downstream bearish sentiment is weak, and the atmosphere of off-season is strong. The sluggish terminal consumption leads to the continuous weakening of market trading sentiment, and the short-term aluminum price is under pressure, and the price may fluctuate and decline.
Zinc: The surge of LME zinc inventory in November suppressed the trend of zinc price. Recently, the enthusiasm for receiving goods downstream of zinc was weak, and most materials manufacturers and traders remained cautious and did not replenish stocks in large quantities. Market participants said that the current performance of zinc price is too poor, and that the possibility of zinc price rising in the short term is low, and they are worried that zinc price will go down, and fear of falling over the market leads to dull spot trading.
Stainless Steel: When the good news gradually digested, LME nickel rose and met with resistance, SHFE nickel and stainless steel futures both fell, the cautious mood in the spot market warmed up, trading turned to wait-and-see attitude, scrap manufacturers regained their confidence in chasing up, the receiving price generally retreated, and the overall market upward momentum slowed down. In short, the lack of demand support, stainless steel rise does not have the bottom foundation. (Analyzed by LTIT)
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