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Metal scraps performances in Foshan market on December 6
2022-12-6
Copper: Today, the price of secondary copper in Foshan market has fallen across the board, which is a profit suppression after several days of continuous increase. The US dollar rebounded and superimposed funds made a profit, and LME copper dropped from a high level, which put pressure on the domestic copper prices of the two cities. However, the spot electrolytic copper supply in Guangdong market is still tight, and the spot premium is still slightly higher. Also, after several days of continuous increase, the purchase cost of recycled copper has obviously moved up, which makes copper manufacturers hesitate. At present, most copper companies are buying at a lower price, and trading is cautious. Previously, the rise in copper prices was mainly due to the decline of the US dollar and the positive adjustment of domestic epidemic prevention policies. However, the short-term US dollar has rebounded and failed to support the continued rise of copper prices. In the absence of greater news guidance, most of the funds make short-term profits, and the short-term copper price may continue to fluctuate within a certain range.

Aluminum: Today, the aluminum price in Foshan market has dropped. On the whole, the aluminum price in Guangdong market has remained at a high level recently. Aluminum manufacturers are cautious in purchasing, and most of them mainly purchase on demand. The stock of aluminum in Foshan is about 116,000 tons, and the spot price of aluminum continues to rise every month. Aluminum-using enterprises enter the year-end collection mode, but the performance of new orders is not obvious, and the price may continue to run at a high level.

Zinc: Today, the trend of zinc price in Foshan market has dropped slightly. The instability of zinc price makes the downstream zinc manufacturers' willingness to receive goods still low, and they are more cautious in purchasing goods. There is no idea of increasing the purchase quantity because of the falling zinc price. Most manufacturers think that the current zinc price is at a high level, and the bearish ones are not in the minority, so they only make up the inventory on dips, and the overall market transaction is dull.

Stainless Steel: SHFE nickel and stainless steel futures continue to rise, the current prices are rising simultaneously, and the trading atmosphere in the market is improving. Large steel mills are raising their purchase prices, which is beneficial to centralized release. The bullish sentiment in the waste industry is heating up, manufacturers are more active in replenishment, the circulation of low-priced trading sources is obviously tight, and the market transactions tend to be at high levels. (Analyzed by LTIT)

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