Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 17
2024-12-17
Copper: The spot copper price in Foshan market is stable today, and the market is cautious. The expected interest rate cut by the Federal Reserve in December and the unexpected increase in industrial output in China in November boosted market sentiment and pushed up copper prices. However, it should be noted that the overall trading sentiment in the current market is cautious, and profit-taking phenomenon limits the increase of copper prices. However, the social stock of SHFE copper fell to a new low of eight weeks to ten months, which provided strong support for copper prices. The People's Bank Of China voiced, implemented a moderately loose monetary policy, lowered the RRR and cut interest rates in a timely manner, and maintained ample liquidity, which also benefited the copper market. It is reported that Malaysia and Thailand have strictly investigated the recycled metals exported to China, which will affect the supply and benefit domestic copper prices in the short term. The traders expect that the short-term copper price is still expected to maintain a moderate increase.
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's three-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. Although the price of aluminum has dropped one after another, the purchase cost has decreased, but aluminum manufacturers and traders are still cautious in purchasing, maintaining a small amount of rigid-demand purchases. In the off-season of enthusiasm, weak demand is still the main pressure, and near the end of the year, the withdrawal of funds has become the primary task.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, and traders have followed the market. The downstream manufacturers are not enthusiastic about purchasing, and the wait-and-see mood is relatively strong. They basically maintain on-demand purchasing, and most of the transactions come from the contributions of traders, and the overall market transaction is average.
Stainless Steel: SHFE nickel and stainless steel futures fell, the spot market was silent, the quotation of steel strip was generally flat, and the scrap industry mainly traded at a stable price. Because the price has fallen to a low position, even if some manufacturers have the desire to take advantage of the low price, they are reluctant to sell the goods, and the transaction and circulation of low-priced goods are stagnant. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's three-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. Although the price of aluminum has dropped one after another, the purchase cost has decreased, but aluminum manufacturers and traders are still cautious in purchasing, maintaining a small amount of rigid-demand purchases. In the off-season of enthusiasm, weak demand is still the main pressure, and near the end of the year, the withdrawal of funds has become the primary task.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, and traders have followed the market. The downstream manufacturers are not enthusiastic about purchasing, and the wait-and-see mood is relatively strong. They basically maintain on-demand purchasing, and most of the transactions come from the contributions of traders, and the overall market transaction is average.
Stainless Steel: SHFE nickel and stainless steel futures fell, the spot market was silent, the quotation of steel strip was generally flat, and the scrap industry mainly traded at a stable price. Because the price has fallen to a low position, even if some manufacturers have the desire to take advantage of the low price, they are reluctant to sell the goods, and the transaction and circulation of low-priced goods are stagnant. (Analyzed by LTIT)
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