Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 29
2024-11-29
Copper: The spot copper price in Foshan market has not changed much today, and the market is still cautious. This week, copper prices continued to fluctuate within a narrow range, and the traders paid attention to the first-line support of LME copper of $9,000. Recently, the geopolitical tension between Russia and Ukraine has intensified, and the situation in the Middle East is also unstable, which has aggravated the turmoil in the global financial market and brought more uncertainty to the non-ferrous metal market. Therefore, investors have chosen to avoid risks cautiously, and the market speculation has obviously cooled down, so copper prices have been under pressure and stagnated. The slowdown of copper inventory in the domestic market has slowed down, and the arrival of imported copper in the market continues to flow into the domestic market, while the action of grabbing goods for export has obviously decreased, which has led to an increase in the pressure of social inventory, and the short-term copper price may continue to be under pressure and continue to fluctuate in the range.
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and the trend fluctuated weakly this week. The fluctuation of alumina price and the accumulation of social inventory put pressure on the short-term aluminum price trend, while the weak demand in the end market and the sluggish willingness of the holders to replenish goods further inhibited market transactions. In addition, as December approaches, the export tax rebate cancellation policy will take effect soon, and the aluminum market demand is expected to continue to weaken.
Zinc: Recently, the price of zinc has fallen sharply after it surged. Traders are worried about the after-market and continue to maintain a positive shipping mentality. There are not many downstream zinc manufacturers receiving goods. Most manufacturers think that the current zinc price is unstable and the trading atmosphere is slack. In November, many smelters were overhauled and reduced production, and orders from consumer enterprises were slow, so zinc should not be chased up too much.
Stainless Steel: With the rebound trend of nickel market rising, stainless steel futures temporarily stood above 13,000. Although the market sentiment of falling prices eased, the spot steel strip transaction was light at the end of the month, and the scrap transaction took the lead. Most buyers took advantage of the trend to increase the supply to stimulate the circulation of goods. The after-market is looking forward to the policy stimulus at the end of December, and stainless steel is expected to rally. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and the trend fluctuated weakly this week. The fluctuation of alumina price and the accumulation of social inventory put pressure on the short-term aluminum price trend, while the weak demand in the end market and the sluggish willingness of the holders to replenish goods further inhibited market transactions. In addition, as December approaches, the export tax rebate cancellation policy will take effect soon, and the aluminum market demand is expected to continue to weaken.
Zinc: Recently, the price of zinc has fallen sharply after it surged. Traders are worried about the after-market and continue to maintain a positive shipping mentality. There are not many downstream zinc manufacturers receiving goods. Most manufacturers think that the current zinc price is unstable and the trading atmosphere is slack. In November, many smelters were overhauled and reduced production, and orders from consumer enterprises were slow, so zinc should not be chased up too much.
Stainless Steel: With the rebound trend of nickel market rising, stainless steel futures temporarily stood above 13,000. Although the market sentiment of falling prices eased, the spot steel strip transaction was light at the end of the month, and the scrap transaction took the lead. Most buyers took advantage of the trend to increase the supply to stimulate the circulation of goods. The after-market is looking forward to the policy stimulus at the end of December, and stainless steel is expected to rally. (Analyzed by LTIT)
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