Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 2
2024-12-2
Copper: Spot copper prices in Foshan market fell slightly today. At the beginning of December, copper futures continued to consolidate in a narrow range. LME copper fell below $9,000, and the trading sentiment in the market was even more cautious. The main contract of SHFE copper remained in a narrow range below $74,000, mainly due to the re-rise of the US dollar index. However, there are some positive signs in the China market. In the week of November 29th, SHFE copper futures inventory recorded 108,775 tons, a decrease of 9.53% compared with last week. In the last month, SHFE copper futures inventory has decreased by 44,446 tons, with a decrease rate of 29%. The traders believe that domestic macro policies will continue to support copper prices loosely, and it is still possible to introduce the policy of lowering the RRR and cutting interest rates. In view of the domestic guarantee that GDP growth will reach the expected target in the fourth quarter, copper prices are still expected to rise.
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and there may be a rally in the low price range. In December, repaying loans and withdrawing funds at the end of the year is still the main task of enterprises. At present, the aluminum export tax rebate policy has been cancelled, and the export rush has stopped, and the demand elasticity may be rapidly weakened. However, the price of alumina is still high, which may form a strong cost support for aluminum prices in the short term.
Zinc: Today, the price of zinc in Foshan market has stabilized, the market fear of falling has eased, the asking price of traders has been firm, and downstream zinc manufacturers have actively supplemented the expectations of previous orders, and the overall market transactions have improved. The increment of domestic mines is limited, and the orders of consumer enterprises are slow, so zinc should not be chased up too much.
Stainless Steel: SHFE nickel and stainless steel futures fell at the beginning of this week, and the market returned to a low near 13,000. At present, the rebound trend of the market is blocked, the spot market lacks confidence, the steel strip transaction is weak, the price drops, the low-priced transaction status in the scrap industry is difficult to change, manufacturers and buyers still dominate the procurement at a reduced price, the psychology of holding goods and reluctant to sell is intensified, and the circulation of goods is less. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and there may be a rally in the low price range. In December, repaying loans and withdrawing funds at the end of the year is still the main task of enterprises. At present, the aluminum export tax rebate policy has been cancelled, and the export rush has stopped, and the demand elasticity may be rapidly weakened. However, the price of alumina is still high, which may form a strong cost support for aluminum prices in the short term.
Zinc: Today, the price of zinc in Foshan market has stabilized, the market fear of falling has eased, the asking price of traders has been firm, and downstream zinc manufacturers have actively supplemented the expectations of previous orders, and the overall market transactions have improved. The increment of domestic mines is limited, and the orders of consumer enterprises are slow, so zinc should not be chased up too much.
Stainless Steel: SHFE nickel and stainless steel futures fell at the beginning of this week, and the market returned to a low near 13,000. At present, the rebound trend of the market is blocked, the spot market lacks confidence, the steel strip transaction is weak, the price drops, the low-priced transaction status in the scrap industry is difficult to change, manufacturers and buyers still dominate the procurement at a reduced price, the psychology of holding goods and reluctant to sell is intensified, and the circulation of goods is less. (Analyzed by LTIT)
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