Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 20
2024-12-20
Copper: The spot copper price in Foshan market is stable today, and the market trading continues to be cautious. The strengthening of overseas short-selling forces has cast a shadow on the prospect of metal demand; The US dollar index climbed to a two-year high, pushing up the cost of metals denominated in US dollars, restraining demand and dragging down copper prices. LME copper fluctuated weakly below $9,000, while SHFE copper fluctuated within a narrow range below $74,000. Entering the seasonal off-season, the market wait-and-see mood is getting stronger, new orders continue to decrease, downstream enterprises are busy digesting the inventory in hand, and recycled copper is reluctant to sell at low prices due to supply pressure. At the end of the year, the problem of shortage of funds is becoming increasingly prominent. At present, merchants mainly withdraw funds and put the safety of funds in the first place. Short-term copper prices may continue to fluctuate weakly.
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Affected by the recent continuous downward trend of aluminum prices, cargo holders in Guangdong market generally ship goods at a premium, but East China and other regions are subject to the pressure of withdrawing funds and the annual settlement factors, so as to speed up the withdrawal of funds. At present, the cost support of the aluminum market still exists, and the continuous decline in aluminum prices has also attracted buyers to cover their positions. It is expected that there will still be room for further rally in aluminum prices in the short term.
Zinc: Some manufacturers with rigid demand are more active in purchasing, and spot transactions have increased significantly compared with before. The supply side is tight, macro-sentiment and policy support for zinc prices is weakened, the Federal Reserve will cut interest rates by half next year, and zinc is expected to fluctuate within the range of 24,800-25,800 yuan in the short term.
Stainless Steel: LME nickel penetrated to the $15,000 mark. At present, the macro sentiment is weak, and the trend of fundamental oversupply is hard to change. When the price of nickel gradually goes down, the cost of stainless steel raw materials is expected to drop, and the purchase price of molten steel is lowered by large steel mills, the waste market is under double pressure, and manufacturers in the industry have started to receive goods at a lower price, and the price has further dropped. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. Affected by the recent continuous downward trend of aluminum prices, cargo holders in Guangdong market generally ship goods at a premium, but East China and other regions are subject to the pressure of withdrawing funds and the annual settlement factors, so as to speed up the withdrawal of funds. At present, the cost support of the aluminum market still exists, and the continuous decline in aluminum prices has also attracted buyers to cover their positions. It is expected that there will still be room for further rally in aluminum prices in the short term.
Zinc: Some manufacturers with rigid demand are more active in purchasing, and spot transactions have increased significantly compared with before. The supply side is tight, macro-sentiment and policy support for zinc prices is weakened, the Federal Reserve will cut interest rates by half next year, and zinc is expected to fluctuate within the range of 24,800-25,800 yuan in the short term.
Stainless Steel: LME nickel penetrated to the $15,000 mark. At present, the macro sentiment is weak, and the trend of fundamental oversupply is hard to change. When the price of nickel gradually goes down, the cost of stainless steel raw materials is expected to drop, and the purchase price of molten steel is lowered by large steel mills, the waste market is under double pressure, and manufacturers in the industry have started to receive goods at a lower price, and the price has further dropped. (Analyzed by LTIT)
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