Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 21
2024-11-21
Copper: The spot copper price in Foshan market fell slightly today, and market transactions continued to be cautious. The high operation of the US dollar index has restrained the rise of copper prices. Although the recent rise of the US dollar index has been temporarily suspended, the US dollar index has risen by about 3% since the US election. This increase is mainly due to the market's increased expectation that the Fed may slow down the pace of interest rate cuts, because investors are worried that Trump's policies may aggravate inflationary pressures. At the same time, China's demand prospect is uncertain, the market is worried about the development of trade war and the specific measures of China's stimulus policy are uncertain, which continue to disturb the metal market price. At present, the spot copper market is still cautious in trading, and copper-using enterprises are still mainly purchasing on demand. The price difference between refined copper and scrap is beneficial to the consumption of electric copper and unfavorable to scrap copper.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, the spot market was in a downturn, and the market replenishment was not sustainable. At present, both buyers and sellers in the aluminum market are cautious, the trading atmosphere is relatively deserted, and the downstream market is not willing to pick up the goods, only maintaining the pace of rigid demand procurement, which further reduces the rebound space of aluminum prices. On the whole, the spot aluminum price in the near future may remain within a narrow range.
Zinc: Today, the price of zinc in Foshan market is weak, and traders are extremely cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers are even more hesitant about the future price of zinc, and they mainly wait and see, and their purchasing enthusiasm is not high, and the overall market transaction is weak.
Stainless Steel: Rallying sweeps. Nickel and stainless steel futures continued to rise, the confidence in the spot market picked up, steel belts took the opportunity to raise the atmosphere of trial transactions, steel mills made small profits to control procurement costs, scrap industry mainly operated according to orders, manufacturers generally traded at stable prices, and the circulation of supply transactions improved. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, the spot market was in a downturn, and the market replenishment was not sustainable. At present, both buyers and sellers in the aluminum market are cautious, the trading atmosphere is relatively deserted, and the downstream market is not willing to pick up the goods, only maintaining the pace of rigid demand procurement, which further reduces the rebound space of aluminum prices. On the whole, the spot aluminum price in the near future may remain within a narrow range.
Zinc: Today, the price of zinc in Foshan market is weak, and traders are extremely cautious in receiving goods. Most of them make inquiries only after receiving orders. The downstream manufacturers are even more hesitant about the future price of zinc, and they mainly wait and see, and their purchasing enthusiasm is not high, and the overall market transaction is weak.
Stainless Steel: Rallying sweeps. Nickel and stainless steel futures continued to rise, the confidence in the spot market picked up, steel belts took the opportunity to raise the atmosphere of trial transactions, steel mills made small profits to control procurement costs, scrap industry mainly operated according to orders, manufacturers generally traded at stable prices, and the circulation of supply transactions improved. (Analyzed by LTIT)
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