Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 27
2023-12-27
Copper: The spot copper price in Foshan market has not changed much today. This week is the last trading week in 2023. Recently, the demand for copper market has obviously weakened. When copper prices continue to fluctuate at a high level, the market has a strong wait-and-see atmosphere and trading continues to be cautious. At present, the downstream industry of domestic copper market has entered the year-end mode, and most enterprises have started the settlement of returning funds, which will lead to the continuous reduction of subsequent orders, and at the same time, the ability to replenish the supply of goods in the market is also limited. Coupled with the lack of bright spots in off-season consumer demand, the spot demand performance is not good, and the overall market trading surface is dull. However, due to the favorable demand in the last year's closing cycle, the stock of electric copper in Guangdong has been reduced and maintained at a premium state. However, factories and enterprises expressed concern that the current liquidity is tight and procurement is still cautious.
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the short-term trend fluctuated strongly. However, the fear of high prices in the market has warmed up after successive increases in aluminum prices, and most aluminum manufacturers purchase on demand. Near the end of the year, factories and enterprises are busy withdrawing funds, and the liquidity of market funds is tightening, which also restricts the enthusiasm of merchants to buy goods to a great extent. It is expected that aluminum prices will still fluctuate within a narrow range this week.
Zinc: The price of zinc fluctuates slowly, and traders are more positive about shipping. The purchasing enthusiasm of downstream manufacturers is obviously insufficient. Most manufacturers still maintain a cautious wait-and-see attitude, and purchase in small quantities with rigid demand. Most transactions are mainly between traders. At present, the domestic stimulus policy is still waiting for the effect to appear, and the low inventory still supports the zinc price. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: Stainless steel futures oscillated around the 14,000 mark, and the spot market became more cautious. The steel strip transaction required preferential delivery, and the quotations of some buyers in the scrap industry fell. Affected by financial problems, the supply of goods has slowed down. At present, the news of raw material supply side is fermented, which has obvious supporting effect, and the price of waste stainless steel continues to rise. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly, and the short-term trend fluctuated strongly. However, the fear of high prices in the market has warmed up after successive increases in aluminum prices, and most aluminum manufacturers purchase on demand. Near the end of the year, factories and enterprises are busy withdrawing funds, and the liquidity of market funds is tightening, which also restricts the enthusiasm of merchants to buy goods to a great extent. It is expected that aluminum prices will still fluctuate within a narrow range this week.
Zinc: The price of zinc fluctuates slowly, and traders are more positive about shipping. The purchasing enthusiasm of downstream manufacturers is obviously insufficient. Most manufacturers still maintain a cautious wait-and-see attitude, and purchase in small quantities with rigid demand. Most transactions are mainly between traders. At present, the domestic stimulus policy is still waiting for the effect to appear, and the low inventory still supports the zinc price. It is expected that zinc will remain volatile and rebound in the short term.
Stainless Steel: Stainless steel futures oscillated around the 14,000 mark, and the spot market became more cautious. The steel strip transaction required preferential delivery, and the quotations of some buyers in the scrap industry fell. Affected by financial problems, the supply of goods has slowed down. At present, the news of raw material supply side is fermented, which has obvious supporting effect, and the price of waste stainless steel continues to rise. (Analyzed by LTIT)
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