Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 28
2024-11-28
Copper: The spot copper price in Foshan market has not changed much today, and the market is still cautious. With the coming of Thanksgiving holiday, the market bulls are cautious, and copper prices remain sideways. The traders are concerned about whether LME copper can hold the $9,000 mark. The continuous lightening of copper in SHFE also shows that the attention of copper is weak, and most of the funds are transferred to other metals (zinc) with news. However, the domestic copper pool continues to decline, and consumption is expected to increase at the end of the year. In addition, the continuous decline of copper prices in the previous period has attracted bargain hunting along the lower edge of the price center of gravity, which is expected to still support copper prices. At present, the market generally believes that the probability of the Fed cutting interest rates by 25 basis points in December is 70%. In a low interest rate environment, risky assets tend to be more popular, and short-term copper prices are expected to rise and fall in a limited range.
Aluminum: Today, the price of aluminum in Foshan market continues to fall. In the past three weeks, the trend of aluminum price has continued to fluctuate weakly, but the 20,000 mark still has strong support. The cancellation of export tax rebate and the neglect of alumina have put pressure on aluminum prices. In addition, the current domestic aluminum demand lacks bright spots, and the terminal market is weak in replenishing goods on dips. At present, the cargo holders are still actively shipping and withdrawing funds, while factories and enterprises purchase on demand.
Zinc: SHFE zinc continued to soar, and spot sellers followed suit to raise their quotations. However, there was a strong fear of heights in the market, traders were lax in asking prices and actively shipped, and downstream zinc manufacturers purchased in small quantities as needed, so the overall market transaction was deserted. With the seasonal off-season in China and the demand for winter storage in smelters, it is difficult to greatly improve the shortage of ore ends, and the expected increase in processing fees is limited.
Stainless Steel: SHFE nickel stopped falling and rallied, and it continued to fluctuate in the range this week. Stainless steel futures hit a low and rebounded, successfully repairing the 13,000 mark, and the market's fear of falling has eased. However, the spot trading is still cautious and wait-and-see, and buyers in the waste industry maintain low prices to receive goods, and low-priced resources are not circulating smoothly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall. In the past three weeks, the trend of aluminum price has continued to fluctuate weakly, but the 20,000 mark still has strong support. The cancellation of export tax rebate and the neglect of alumina have put pressure on aluminum prices. In addition, the current domestic aluminum demand lacks bright spots, and the terminal market is weak in replenishing goods on dips. At present, the cargo holders are still actively shipping and withdrawing funds, while factories and enterprises purchase on demand.
Zinc: SHFE zinc continued to soar, and spot sellers followed suit to raise their quotations. However, there was a strong fear of heights in the market, traders were lax in asking prices and actively shipped, and downstream zinc manufacturers purchased in small quantities as needed, so the overall market transaction was deserted. With the seasonal off-season in China and the demand for winter storage in smelters, it is difficult to greatly improve the shortage of ore ends, and the expected increase in processing fees is limited.
Stainless Steel: SHFE nickel stopped falling and rallied, and it continued to fluctuate in the range this week. Stainless steel futures hit a low and rebounded, successfully repairing the 13,000 mark, and the market's fear of falling has eased. However, the spot trading is still cautious and wait-and-see, and buyers in the waste industry maintain low prices to receive goods, and low-priced resources are not circulating smoothly. (Analyzed by LTIT)
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