Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 28
2023-12-28
Copper: Spot copper prices in Foshan market rose slightly today, and market transactions continued to be cautious. Recently, the US dollar index fell successively, breaking the 101 mark after five months, and the lowest fell to 100.75, a five-month low, which stimulated the collective rise of non-ferrous metals. LME copper rose strongly overnight, reaching the highest of 8,715 US dollars. However, as the New Year holiday approached, domestic investors were cautious and SHFE copper followed suit with limited strength. This week is the last trading week in 2023. The pre-holiday surge in copper prices has obviously warmed up the market's cautious mood. After all, the current demand for copper market has obviously weakened, and the liquidity of market funds is constantly tightening. The traders are worried that short-term investors will take profits and accelerate the correction of copper prices. Therefore, it is still cautious and wait-and-see, and the resistance of SHFE copper's 70,000 mark is concerned.
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the short-term trend fluctuates strongly. The rising cost of aluminum and the continuous decline of aluminum inventory have become the important drivers of this round of aluminum price increase. However, after the continuous rise of aluminum prices, the market's fear of high has warmed up, 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, or restricting the increase of aluminum prices.
Zinc: Today, the price of zinc in Foshan market continues to rise. Downstream middlemen and traders are still worried about the future trend of zinc market, and a large number of purchases are still small. Traders keep their enthusiasm for shipment. The purchase intention of zinc manufacturers is still not strong, most of them maintain on-demand procurement, and some manufacturers replenish their stocks in moderation, and the overall transaction has not changed much.
Stainless Steel: The incident of Indonesia nickel factory gradually digested, and the price of nickel fluctuated within a narrow range. Stainless steel futures continue to wander around the 14,000 mark, the spot market lacks the demand for follow-up and receiving goods, the steel strip is weak to rise, and the scrap market is outstanding. Due to the shortage of goods in the industry, the general buyers secretly chase after the price and grab the goods, and the transaction price rises steadily. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is further rising, and the short-term trend fluctuates strongly. The rising cost of aluminum and the continuous decline of aluminum inventory have become the important drivers of this round of aluminum price increase. However, after the continuous rise of aluminum prices, the market's fear of high has warmed up, 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, or restricting the increase of aluminum prices.
Zinc: Today, the price of zinc in Foshan market continues to rise. Downstream middlemen and traders are still worried about the future trend of zinc market, and a large number of purchases are still small. Traders keep their enthusiasm for shipment. The purchase intention of zinc manufacturers is still not strong, most of them maintain on-demand procurement, and some manufacturers replenish their stocks in moderation, and the overall transaction has not changed much.
Stainless Steel: The incident of Indonesia nickel factory gradually digested, and the price of nickel fluctuated within a narrow range. Stainless steel futures continue to wander around the 14,000 mark, the spot market lacks the demand for follow-up and receiving goods, the steel strip is weak to rise, and the scrap market is outstanding. Due to the shortage of goods in the industry, the general buyers secretly chase after the price and grab the goods, and the transaction price rises steadily. (Analyzed by LTIT)
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