Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 18
2024-12-18
Copper: Today, the spot copper price in Foshan market is all-round, and the market is cautious. At 3: 00 Beijing time on Thursday, the Federal Reserve will announce the interest rate resolution, and at 3: 30, President Powell will hold a press conference on monetary policy. The Federal Reserve may cut interest rates as scheduled, but the decline will be reduced, further pushing up the US dollar index, and copper prices are expected to fall under pressure. At present, the domestic copper market has entered a seasonal off-season, copper consumption is sluggish, and the market is bearish. In the short term, the demand in the off-season is weakened and the pressure of withdrawing funds at the end of the year is greater. At the same time, the traders expect that the output of electrolytic copper will increase in December, which will further aggravate the situation of weak supply and demand, and the short-term copper price is expected to remain weak and volatile.
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's four-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. In November, the increase of primary aluminum production in China caused the worry of oversupply, and the bearish market led to panic, and the downstream purchasing intention was sluggish, mostly by bargain hunting. In addition, as the end of the year approached, the inventory of aluminum ingots slowed down, and the short-term aluminum price may continue to fall.
Zinc: The trend of zinc futures is weakening, the merchants are cautious, and the spot market is in a weak state, which affects the purchasing psychology of manufacturers, basically maintaining on-demand procurement, and the overall market transactions are dull. The supply side is tight, and the macro sentiment and policies have weakened the support for zinc prices. Concerned about the results of the Federal Reserve's interest rate decision, zinc is expected to fluctuate in the short-term range of 24,800 ~ 25,800.
Stainless Steel: SHFE nickel followed LME nickel's decline, and the pressure approached the stainless steel market step by step. The futures market fell below the 13,000 mark, the spot quotation was loose and fine-tuned, and the waste industry was on the sidelines. Buyers were cautious and hedging, and generally received goods at a lower price. At present, the price of stainless steel has fallen to a historically low position, and the reluctance to sell leads to less supply circulation and strong support. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's four-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. In November, the increase of primary aluminum production in China caused the worry of oversupply, and the bearish market led to panic, and the downstream purchasing intention was sluggish, mostly by bargain hunting. In addition, as the end of the year approached, the inventory of aluminum ingots slowed down, and the short-term aluminum price may continue to fall.
Zinc: The trend of zinc futures is weakening, the merchants are cautious, and the spot market is in a weak state, which affects the purchasing psychology of manufacturers, basically maintaining on-demand procurement, and the overall market transactions are dull. The supply side is tight, and the macro sentiment and policies have weakened the support for zinc prices. Concerned about the results of the Federal Reserve's interest rate decision, zinc is expected to fluctuate in the short-term range of 24,800 ~ 25,800.
Stainless Steel: SHFE nickel followed LME nickel's decline, and the pressure approached the stainless steel market step by step. The futures market fell below the 13,000 mark, the spot quotation was loose and fine-tuned, and the waste industry was on the sidelines. Buyers were cautious and hedging, and generally received goods at a lower price. At present, the price of stainless steel has fallen to a historically low position, and the reluctance to sell leads to less supply circulation and strong support. (Analyzed by LTIT)
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