Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 8
2024-11-8
Copper: Today, the spot copper price in Foshan market has risen in an all-round way, and the market trading enthusiasm has warmed up. The US dollar index fell, and the Federal Reserve cut interest rates, which effectively eased the market's anxiety about Trump's victory in the presidential election, prompted the market risk appetite to return, and then pushed the oil price and the stock market to rise sharply, providing positive support for market sentiment. The market is optimistic about China's new stimulus measures, and the mood is positive, which provides the driving force for the upward trend of copper prices. Yesterday, the sharp drop in copper prices stimulated the downstream interest in entering the market on a large scale, and the market turnover also improved. In addition, the continuous decline of SHFE copper society library has brought price support to copper prices. At present, the copper market is warming up, and it is generally expected that the short-term copper price will show an upward trend.
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the short-term trend continues to be strong. At present, the world has attracted attention to the important policy meeting in China, and the market sentiment has warmed up, and the driving force of aluminum price has been further enhanced. At present, the domestic aluminum ingot inventory continues to decline, and recently news of sporadic overhaul and production reduction of aluminum plants has been reported. The soaring alumina is also supporting the aluminum price rise, and the short-term aluminum price rise is strong.
Zinc: SHFE zinc, that is, the monthly difference has widened, the spot zinc price has risen steadily, the market is dominated by cautious mentality, traders are under great pressure to receive goods, the market demand is insufficient, downstream manufacturers are worried about the after-market, the purchasing enthusiasm is not high, and the market trading atmosphere is slack. Traders should pay attention to the news of the Standing Committee of the National People's Congress, and the spot zinc price in the medium term is still expected to continue to rise.
Stainless Steel: LME nickel rose by nearly 3%, SHFE nickel reached the 130,000 mark, and the confidence in the stainless steel market was restored, but the spot-and-up transaction still needs to be tested. Most of the scrap industry kept a cautious wait-and-see attitude, which was limited by the lack of active procurement of steel mills, and manufacturers generally traded at a stable price. Although the short-term nickel price may continue to rise, it is expected that there will be no room for breakthrough in stainless steel. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to rise, and the short-term trend continues to be strong. At present, the world has attracted attention to the important policy meeting in China, and the market sentiment has warmed up, and the driving force of aluminum price has been further enhanced. At present, the domestic aluminum ingot inventory continues to decline, and recently news of sporadic overhaul and production reduction of aluminum plants has been reported. The soaring alumina is also supporting the aluminum price rise, and the short-term aluminum price rise is strong.
Zinc: SHFE zinc, that is, the monthly difference has widened, the spot zinc price has risen steadily, the market is dominated by cautious mentality, traders are under great pressure to receive goods, the market demand is insufficient, downstream manufacturers are worried about the after-market, the purchasing enthusiasm is not high, and the market trading atmosphere is slack. Traders should pay attention to the news of the Standing Committee of the National People's Congress, and the spot zinc price in the medium term is still expected to continue to rise.
Stainless Steel: LME nickel rose by nearly 3%, SHFE nickel reached the 130,000 mark, and the confidence in the stainless steel market was restored, but the spot-and-up transaction still needs to be tested. Most of the scrap industry kept a cautious wait-and-see attitude, which was limited by the lack of active procurement of steel mills, and manufacturers generally traded at a stable price. Although the short-term nickel price may continue to rise, it is expected that there will be no room for breakthrough in stainless steel. (Analyzed by LTIT)
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