Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 19
2024-12-19
Copper: The spot copper price in Foshan market fell slightly today, and the market was cautious. The Federal Reserve cut interest rates by 25 basis points as scheduled, and hawkish remarks drove the US dollar index upward and broke through 108, which dragged down LME copper's weak rebound and then turned into a volatile market. SHFE copper continued to fall under pressure, and the main contract fell to a minimum of 73,730 yuan/ton. In the morning, the spot copper market was relatively light, and both buyers and sellers were cautious, and the holders intended to ship at a high price. However, the downstream copper manufacturers still mainly purchased on demand, and the enthusiasm for inquiry decreased significantly, and the actual trading volume in the market was limited. Entering the seasonal off-season, the demand for copper market has gradually weakened, and the problem of tight funds at the end of the year has become increasingly prominent. At present, merchants mainly withdraw funds and put the safety of funds first, and the short-term copper price may continue to be weak and volatile.
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's five-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. At present, at the end of the year, the main force of factories and enterprises returns the final payment, and they are cautious in purchasing when the demand is weak, and the short-term aluminum price trend fluctuates weakly. However, the high price of alumina still has cost support for the current aluminum price, and the traders expect that the space for further decline in aluminum prices is limited.
Zinc: The Federal Reserve is expected to cut interest rates by half next year, and the price of zinc will continue to drop. Traders carefully receive the goods, maintain the principle of buying and selling now, and actively make inquiries in the market only when the orders are fulfilled. The demand is less than expected, and the performance of downstream zinc manufacturers is relatively cautious, and the overall market demand is stable.
Stainless Steel: The US dollar soared sharply, metals collectively went down, LME nickel hit a new low in the year, the domestic futures market followed suit, and the spot market fell into an atmosphere of falling prices. In the scrap trading, manufacturers stated that they would lower prices to receive goods, purchasing was not active, and the transaction speed of supply slowed down. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to fall, and SHFE aluminum's five-day losing streak further drags down the spot aluminum price, so the market is cautious in trading. At present, at the end of the year, the main force of factories and enterprises returns the final payment, and they are cautious in purchasing when the demand is weak, and the short-term aluminum price trend fluctuates weakly. However, the high price of alumina still has cost support for the current aluminum price, and the traders expect that the space for further decline in aluminum prices is limited.
Zinc: The Federal Reserve is expected to cut interest rates by half next year, and the price of zinc will continue to drop. Traders carefully receive the goods, maintain the principle of buying and selling now, and actively make inquiries in the market only when the orders are fulfilled. The demand is less than expected, and the performance of downstream zinc manufacturers is relatively cautious, and the overall market demand is stable.
Stainless Steel: The US dollar soared sharply, metals collectively went down, LME nickel hit a new low in the year, the domestic futures market followed suit, and the spot market fell into an atmosphere of falling prices. In the scrap trading, manufacturers stated that they would lower prices to receive goods, purchasing was not active, and the transaction speed of supply slowed down. (Analyzed by LTIT)
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