Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 3
2024-12-3
Copper: Spot copper price in Foshan market rose slightly today. Short-term copper prices tend to consolidate in a narrow range. Recently, the market is highly concerned about the possible impact of repaying loans at the end of the year, withdrawing funds and imposing tariffs in the United States, which may restrict short-term copper prices. In the short term, there is still support for copper prices. Since November, the decline in copper prices has boosted downstream consumption, coupled with the contraction of the price difference between refined waste and domestic copper stocks. However, the Trump’s overseas trading uncertainty still exists. Under external pressure, domestic pessimistic expectations for the economy have not been reversed. Traders expect short-term copper prices to continue to fluctuate at a low level, waiting for the macro-positive drive. Traders expect to wait for the stimulus measures to be clear in the first half of December, and LME copper staged a $9,000 tug-of-war.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and trading continued to be cautious. At present, the domestic aluminum inventory continues to decline, and the high cost leads to the reduction of production in some smelters, which forms a strong cost support for the short-term aluminum price trend. At present, the aluminum export tax rebate policy has been cancelled, and the export rush has stopped, and the demand elasticity may weaken rapidly, which may weaken the aluminum price support and the short-term price may fluctuate weakly.
Zinc: Today, the price of zinc in Foshan market continues to drop, and there is a strong cautious atmosphere in the market. At present, traders are not in a hurry to purchase goods, and they keep actively shipping. The downstream zinc manufacturers maintain on-demand procurement, and the overall transaction weakens.
Stainless Steel: LME nickel once again fell below the 16,000 mark and continued to explore. SHFE nickel was under pressure and followed the decline. Stainless steel futures struggled to support at the bottom of the range. The spot market was on the sidelines, and the steel strip was loosened and promoted. In the scrap trading, buyers pressed the price and refused to sell the goods, resulting in a stalemate, with few goods but stable prices. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and trading continued to be cautious. At present, the domestic aluminum inventory continues to decline, and the high cost leads to the reduction of production in some smelters, which forms a strong cost support for the short-term aluminum price trend. At present, the aluminum export tax rebate policy has been cancelled, and the export rush has stopped, and the demand elasticity may weaken rapidly, which may weaken the aluminum price support and the short-term price may fluctuate weakly.
Zinc: Today, the price of zinc in Foshan market continues to drop, and there is a strong cautious atmosphere in the market. At present, traders are not in a hurry to purchase goods, and they keep actively shipping. The downstream zinc manufacturers maintain on-demand procurement, and the overall transaction weakens.
Stainless Steel: LME nickel once again fell below the 16,000 mark and continued to explore. SHFE nickel was under pressure and followed the decline. Stainless steel futures struggled to support at the bottom of the range. The spot market was on the sidelines, and the steel strip was loosened and promoted. In the scrap trading, buyers pressed the price and refused to sell the goods, resulting in a stalemate, with few goods but stable prices. (Analyzed by LTIT)
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