Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 7
2023-12-7
Copper: Today, the spot copper price in Foshan market continues to fall, and market transactions continue to be cautious. At present, the weakening of overseas macro atmosphere has suppressed the trend of copper prices. Despite the high voice of the Federal Reserve to cut interest rates and concerns about the supply of copper concentrate, the upward pressure on the US dollar still exists. Domestic spot trading has been exhausted, new orders at the consumer end have decreased, and the increase in the supply of recycled copper has adversely affected the consumption of refined copper, limiting the increase in copper prices. In addition, the premium has declined one after another, the market is scattered, and the supply and demand sides are deadlocked, resulting in a shrinking supply and demand and poor transaction performance. Therefore, it is expected that copper prices will continue to fall under pressure. At present, the domestic supply of recycled copper is still tight, but the orders of copper manufacturers are generally weak, and most of them are still purchased at a reduced price, so the trading volume is limited.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and trading continued to be cautious. The domestic aluminum market remains weak and volatile, traders' going short with after-market makes it difficult for the market to find a deal, the demand of aluminum manufacturers is weak, and some merchants choose to purchase on demand in the low-price range, with limited trading volume. In addition, the price shock of imported aluminum makes the intermediate link appear missing again, and the price of aluminum may fall under pressure.
Zinc: Today, zinc ingots have not changed much, and merchants are afraid of falling. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about zinc prices in the after-market, and they mainly wait and see, with low purchasing enthusiasm and weak overall market transactions.
Stainless Steel: With the rebound of low nickel price, stainless steel futures continued to rise, the spot market took advantage of low intervention to buy gas, the purchasing enthusiasm of manufacturers in the waste industry continued to improve, the bargaining between buyers and sellers remained deadlocked, and the transaction and circulation of goods were not smooth. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and trading continued to be cautious. The domestic aluminum market remains weak and volatile, traders' going short with after-market makes it difficult for the market to find a deal, the demand of aluminum manufacturers is weak, and some merchants choose to purchase on demand in the low-price range, with limited trading volume. In addition, the price shock of imported aluminum makes the intermediate link appear missing again, and the price of aluminum may fall under pressure.
Zinc: Today, zinc ingots have not changed much, and merchants are afraid of falling. Traders are cautious in receiving goods, and most of them make inquiries after receiving orders. Downstream manufacturers are even more worried about zinc prices in the after-market, and they mainly wait and see, with low purchasing enthusiasm and weak overall market transactions.
Stainless Steel: With the rebound of low nickel price, stainless steel futures continued to rise, the spot market took advantage of low intervention to buy gas, the purchasing enthusiasm of manufacturers in the waste industry continued to improve, the bargaining between buyers and sellers remained deadlocked, and the transaction and circulation of goods were not smooth. (Analyzed by LTIT)
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