Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 12
2024-11-12
Copper: The spot copper price in Foshan market has fallen across the board today, and the market caution has obviously warmed up. The US dollar climbed to a four-month high, which strongly suppressed the price of risky assets and triggered the selling pressure in the copper market, thus accelerating the decline of copper prices. LME copper fell to $9,300 overnight, and the main force of SHFE copper continued to fall under pressure. The 76,000 yuan mark was broken, and the spot copper price fell under pressure. At present, the price difference of electrolytic copper in Guangdong is extremely compressed and some consumption pushes the premium to 200 yuan, and it is in a state of continuous inventory reduction; Judging from the current situation, it is inevitable that the international truce is expected and the domestic economy will increase in the fourth quarter. The suppression of domestic exports after Trump's election is also a concern of the market. It is expected that copper prices will fluctuate mainly.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the profit of funds puts pressure on the aluminum market. The overall fundamentals are stable and improving, and the aluminum ingot inventory continues to decline. The high cost supports the aluminum price to some extent, but the current high aluminum price inhibits the willingness of downstream enterprises to enter the market to replenish the inventory. At present, the aluminum market also lacks new orders to follow up, which leads to weak market transactions and a certain drag on aluminum prices.
Zinc: Traders with stable zinc prices generally ship at a fair price, but in view of the cautious performance of downstream zinc manufacturers, they mainly purchase according to orders, and the market supply and demand sides are deadlocked and the market turnover is ordinary.
Stainless Steel: Nickel and stainless steel futures continued to decline, showing a weak trend. The price of spot market suddenly dropped, and the price of steel strip loosened and slipped. At the same time, large steel mills announced a reduction in the purchase price of molten steel, and the pressure on scrap trading suddenly increased, and manufacturers in the industry generally followed the price reduction to receive goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the profit of funds puts pressure on the aluminum market. The overall fundamentals are stable and improving, and the aluminum ingot inventory continues to decline. The high cost supports the aluminum price to some extent, but the current high aluminum price inhibits the willingness of downstream enterprises to enter the market to replenish the inventory. At present, the aluminum market also lacks new orders to follow up, which leads to weak market transactions and a certain drag on aluminum prices.
Zinc: Traders with stable zinc prices generally ship at a fair price, but in view of the cautious performance of downstream zinc manufacturers, they mainly purchase according to orders, and the market supply and demand sides are deadlocked and the market turnover is ordinary.
Stainless Steel: Nickel and stainless steel futures continued to decline, showing a weak trend. The price of spot market suddenly dropped, and the price of steel strip loosened and slipped. At the same time, large steel mills announced a reduction in the purchase price of molten steel, and the pressure on scrap trading suddenly increased, and manufacturers in the industry generally followed the price reduction to receive goods. (Analyzed by LTIT)
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