Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 12
2023-12-12
Copper: The spot copper price in Foshan market dropped slightly today, and the short-term recovery of copper price was obviously insufficient. The super central bank put pressure on the dollar last week, which put pressure on commodities. LME copper fluctuated and weakened overnight, and SHFE copper fell slightly under pressure. At present, the domestic copper market is in the off-season background, the spot remains weak, traders' quotations are firm, and market transactions are deadlocked. The downstream consumption lacks improvement, the recognition of high-priced copper is low, the market wait-and-see atmosphere is strong, and the overall transaction is light. Near the end of the year, due to the tightening of capital flow and the pressure from factories and enterprises to withdraw funds, the premium of spot electrolytic copper has been narrowing, and the inventory of electrolytic copper in Guangdong has continuously rebounded by 16,090 tons. Comprehensive pressure from all sides, the short-term copper price is dominated by repeated shocks in the continuation range.
Aluminum: Today, the price of aluminum in Foshan market rose slightly. After the continuous fluctuation and decline of aluminum price, the purchase cost was significantly reduced, attracting some merchants to take advantage of the low price to replenish the stock, and the transaction improved. The national aluminum social inventory continued to drop from about 600,000 tons announced in early December to about 530,000 tons on the 11th. However, the liquidity of funds tightened at the end of the year and factories and enterprises withdrew funds or restricted the increase in aluminum prices.
Zinc: SHFE zinc fluctuated at a low level in the past month, and the market had a strong wait-and-see atmosphere. Traders were more cautious in receiving goods during this period, and basically maintained low inventory operations. Downstream manufacturers were worried about the after-market, mostly waiting and seeing, and their purchasing enthusiasm was not high. The overall market turnover did not change much.
Stainless Steel: LME nickel fluctuated in the range of 16,000-17,000, SHFE nickel hovered around 130,000, the spot market of stainless steel remained weak, the price of steel strip was gradually revised downwards, and the price of steel mill procurement was depressed. Scrap materials were carefully handled according to the order, and some of them were shipped for withdrawing funds. Please refer to the quotation range for specific transactions. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly. After the continuous fluctuation and decline of aluminum price, the purchase cost was significantly reduced, attracting some merchants to take advantage of the low price to replenish the stock, and the transaction improved. The national aluminum social inventory continued to drop from about 600,000 tons announced in early December to about 530,000 tons on the 11th. However, the liquidity of funds tightened at the end of the year and factories and enterprises withdrew funds or restricted the increase in aluminum prices.
Zinc: SHFE zinc fluctuated at a low level in the past month, and the market had a strong wait-and-see atmosphere. Traders were more cautious in receiving goods during this period, and basically maintained low inventory operations. Downstream manufacturers were worried about the after-market, mostly waiting and seeing, and their purchasing enthusiasm was not high. The overall market turnover did not change much.
Stainless Steel: LME nickel fluctuated in the range of 16,000-17,000, SHFE nickel hovered around 130,000, the spot market of stainless steel remained weak, the price of steel strip was gradually revised downwards, and the price of steel mill procurement was depressed. Scrap materials were carefully handled according to the order, and some of them were shipped for withdrawing funds. Please refer to the quotation range for specific transactions. (Analyzed by LTIT)
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