Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 7
2022-12-7
Copper: Today, the price of secondary copper in Foshan market has dropped slightly, and the market transaction is cautious. After entering December, the domestic copper price remained strong and volatile. China has recently adjusted its epidemic prevention policy and tailored a set of financial support measures for the real estate industry. On the basis of the above two expected changes, the market gradually began to bet on the recovery of demand, supporting the rebound of copper prices. However, some analysts believe that after a rebound, the copper price may rise and fall in December. Although the recent positive news of real estate appears frequently, coupled with the relaxation of epidemic prevention policy, it has not brought immediate effect to the downstream copper processing industry, but some manufacturers have taken early holidays due to the approaching Spring Festival. Under the interweaving of multiple bear news, traders expect that the copper price will fluctuate strongly in the future.
Aluminum: Today, the aluminum price in Foshan market is stable. On the whole, the aluminum price in Guangdong has remained at a high level recently, and aluminum manufacturers are cautious in purchasing goods, mostly purchasing on demand. Foshan's aluminum stock is about 116,000 tons, and the spot aluminum continues to keep premium in that 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 price of zinc in Foshan market has remained at a high level and fluctuated, and the willingness of the goods-holders to ship goods is positive. The downstream manufacturers have obvious wait-and-see mood, and most of them are mainly inquiry-oriented. In addition, the manufacturers are not affected by many orders, basically maintaining on-demand purchasing, restraining market transactions, and the overall market transactions are dull. The U.S. dollar index is weak, and zinc is expected to rise in the short term.
Stainless Steel: SHFE nickel and stainless steel futures continued to rise, and the market's optimistic expectations continued to heat up. After the spot price was raised for several days, the transaction shrank instead, and the overall performance was still cautious. The scrap industry pays attention to the transaction status of steel strip, and buyers dare not rush to chase after high receipts, and most of them are stable price transactions. At present, the market seems to want to rise, but it is afraid of falling, and the price is fine-tuned according to the situation. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable. On the whole, the aluminum price in Guangdong has remained at a high level recently, and aluminum manufacturers are cautious in purchasing goods, mostly purchasing on demand. Foshan's aluminum stock is about 116,000 tons, and the spot aluminum continues to keep premium in that 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 price of zinc in Foshan market has remained at a high level and fluctuated, and the willingness of the goods-holders to ship goods is positive. The downstream manufacturers have obvious wait-and-see mood, and most of them are mainly inquiry-oriented. In addition, the manufacturers are not affected by many orders, basically maintaining on-demand purchasing, restraining market transactions, and the overall market transactions are dull. The U.S. dollar index is weak, and zinc is expected to rise in the short term.
Stainless Steel: SHFE nickel and stainless steel futures continued to rise, and the market's optimistic expectations continued to heat up. After the spot price was raised for several days, the transaction shrank instead, and the overall performance was still cautious. The scrap industry pays attention to the transaction status of steel strip, and buyers dare not rush to chase after high receipts, and most of them are stable price transactions. At present, the market seems to want to rise, but it is afraid of falling, and the price is fine-tuned according to the situation. (Analyzed by LTIT)
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