Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 27
2024-11-27
Copper: Today, spot copper price in Foshan market continued to fluctuate and fell slightly, and the market cautious mood warmed up. Trump bludgeoned tariffs, saying that he would impose an additional 10% tariff on China goods, and with the deepening of the fourth quarter, the expected liquidity of funds was tight, which put pressure on the rise of copper prices. However, LME copper has fallen by 12% since hitting a four-month high on September 30, and the short-term $9,000 mark still has strong support. The traders expect that there is limited room for copper prices to fall. At present, the trading enthusiasm of domestic spot copper market has obviously declined, and copper manufacturers mainly focus on withdrawing funds, purchasing relatively cautiously and purchasing on demand. At present, the price difference of refined waste in Guangdong market has narrowed infinitely, and the demand for scrap copper has been suppressed. However, due to the shortage of supply, the holders are reluctant to sell.
Aluminum: Today, the aluminum price in Foshan market dropped slightly, and the short-term aluminum price was weak and fluctuated. With the cancellation of export tax rebate and the neglect of alumina, the price of aluminum fell under pressure. With the deepening of the fourth quarter, the demand of aluminum market has obviously weakened, and aluminum manufacturers are still mainly purchasing on demand, with limited trading volume. Considering that the export time window is gradually narrowing, the after-market is expected to be pessimistic and aluminum prices are under pressure.
Zinc: SHFE zinc continues to rise, and the monthly difference continues to widen. Traders are generally active in shipping. In view of the cautious performance of downstream zinc manufacturers, they mainly purchase according to orders, and there are differences between the supply and demand sides in the market. There are not many market transactions, and the overall transaction is ordinary. In November, many smelters were overhauled and reduced production, and the orders of consumer enterprises were slow. There is a risk of soft-forcing zinc, so it is not appropriate to buy.
Stainless Steel: Low demand in the off-season, capital factors at the end of the month, etc., the negative sentiment broke out, and stainless steel futures fell, reaching a new low of 13,000 in the year. At present, the market period is linked to decline, and the trading confidence has been hit hard. The purchase price of superimposed molten steel has been lowered to 9100 one after another, and the scrap industry has been operating in a safe haven, and the market has accelerated. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market dropped slightly, and the short-term aluminum price was weak and fluctuated. With the cancellation of export tax rebate and the neglect of alumina, the price of aluminum fell under pressure. With the deepening of the fourth quarter, the demand of aluminum market has obviously weakened, and aluminum manufacturers are still mainly purchasing on demand, with limited trading volume. Considering that the export time window is gradually narrowing, the after-market is expected to be pessimistic and aluminum prices are under pressure.
Zinc: SHFE zinc continues to rise, and the monthly difference continues to widen. Traders are generally active in shipping. In view of the cautious performance of downstream zinc manufacturers, they mainly purchase according to orders, and there are differences between the supply and demand sides in the market. There are not many market transactions, and the overall transaction is ordinary. In November, many smelters were overhauled and reduced production, and the orders of consumer enterprises were slow. There is a risk of soft-forcing zinc, so it is not appropriate to buy.
Stainless Steel: Low demand in the off-season, capital factors at the end of the month, etc., the negative sentiment broke out, and stainless steel futures fell, reaching a new low of 13,000 in the year. At present, the market period is linked to decline, and the trading confidence has been hit hard. The purchase price of superimposed molten steel has been lowered to 9100 one after another, and the scrap industry has been operating in a safe haven, and the market has accelerated. (Analyzed by LTIT)
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