Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 19
2024-11-19
Copper: The spot copper price in Foshan market rallied in an all-round way today. At present, the rebound of copper price is still limited, and the market trading continues to be cautious. With the "Trump trade" cooling down, the US dollar index temporarily stopped rising, which brought a breathing space for the metal market. LME copper stopped falling and rebounded, driving the domestic copper prices in the two cities to rise. In addition, after last week's continuous decline, copper prices rebounded, attracting many copper manufacturers and traders to buy goods on dips, driving consumer demand to pick up and supporting copper prices. However, at present, the supply of recycled copper in the domestic market continues to be tight, and the holders generally have a reluctance to sell, and the trading volume is relatively limited. In the second half of the fourth quarter, capital liquidity is expected to tighten, which may put pressure on market transactions, and enterprises pay attention to capital security.
Aluminum: Today, the price of aluminum in Foshan market rose steadily. Recently, the market is most concerned about the impact of the cancellation of export tax rebates for aluminum and copper products in China on the aluminum industry. This policy adjustment has led to the weakening of the price advantage of domestic aluminum products exports and the decline of trade competitiveness. Some aluminum materials may therefore turn to the domestic market for consumption, thus increasing the domestic supply pressure. At present, the main contract of the enterprise withdraws funds.
Zinc: The price of zinc has stabilized. Middlemen and traders are worried about the trend of the zinc market in the future, but there are still not many purchases. The purchasing intention of zinc manufacturers is not strong. Most of them remain on the sidelines, and individual manufacturers replenish their stocks in moderation. The overall transaction has not changed much compared with yesterday.
Stainless Steel: Both nickel and stainless steel futures hit low and rallied. As the futures market rose, the sentiment of falling prices in the spot market slowed down. The scrap industry turned to a wait-and-see attitude and temporarily waited for the procurement guidelines of large steel mills. Although the buyers pressed the price to receive the goods, the transaction circulation was almost stagnant, and the tight supply of low-priced goods formed support.
Aluminum: Today, the price of aluminum in Foshan market rose steadily. Recently, the market is most concerned about the impact of the cancellation of export tax rebates for aluminum and copper products in China on the aluminum industry. This policy adjustment has led to the weakening of the price advantage of domestic aluminum products exports and the decline of trade competitiveness. Some aluminum materials may therefore turn to the domestic market for consumption, thus increasing the domestic supply pressure. At present, the main contract of the enterprise withdraws funds.
Zinc: The price of zinc has stabilized. Middlemen and traders are worried about the trend of the zinc market in the future, but there are still not many purchases. The purchasing intention of zinc manufacturers is not strong. Most of them remain on the sidelines, and individual manufacturers replenish their stocks in moderation. The overall transaction has not changed much compared with yesterday.
Stainless Steel: Both nickel and stainless steel futures hit low and rallied. As the futures market rose, the sentiment of falling prices in the spot market slowed down. The scrap industry turned to a wait-and-see attitude and temporarily waited for the procurement guidelines of large steel mills. Although the buyers pressed the price to receive the goods, the transaction circulation was almost stagnant, and the tight supply of low-priced goods formed support.
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