Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 4
2023-12-4
Copper: Spot copper prices in Foshan market rose slightly today, and market transactions continued to be cautious. China's bright data and the weak US dollar have boosted the market preference atmosphere, which is conducive to the improvement of metal consumption prospects. Last Friday, LME copper soared to 8640 USD/ton, and SHFE copper rose continuously for four days, reaching the highest intraday price of 69150 yuan/ton. Although the current increase has narrowed, it still maintains a high level. At present, the traders are still optimistic about the copper price in the after-market. They believe that the tight overseas supply and the fear of inventory reduction support the strong copper price, the market's expectation of China's December policy will increase, and the active fiscal policy will continue to increase its support for investment, which will greatly boost the market sentiment, or will support the continued strong copper price operation.
Aluminum: Today, the price of aluminum in Foshan market rose slightly. After a sharp drop last week, the price of aluminum has shown signs of stabilization recently, which eased the market anxiety to some extent. At present, the weak macro atmosphere inhibits the rebound of aluminum prices, the fundamental support is insufficient, the spot circulation pressure is still high, the downstream bearish sentiment trading weakens, the atmosphere of superimposed off-season is strong, and the short-term aluminum prices are under pressure.
Zinc: Today, the price of zinc in Foshan market stopped falling and rebounded, and the trading mood in the market improved. Recently, the news of mine-end production reduction has gradually weakened the supply disturbance, especially the domestic smelters are well stocked with raw materials. However, with the continuous decline in spot prices, the downstream bargain-hunting sentiment has increased, driving the social inventory to a two-month low, boosting the willingness of the holders to hold prices, and the short-term zinc price may fluctuate upward.
Stainless Steel: The price of nickel has increased recently after the previous plunge. Recently, investors bet on the expectation that the Federal Reserve will cut interest rates in advance, which dominates the market atmosphere. The dollar has fallen repeatedly, providing room for metals to rebound, and the macro atmosphere has improved to drive nickel prices. However, excess and accumulated warehouse receipts still suppress the rise of nickel prices, and the market trading mentality is still cautious. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly. After a sharp drop last week, the price of aluminum has shown signs of stabilization recently, which eased the market anxiety to some extent. At present, the weak macro atmosphere inhibits the rebound of aluminum prices, the fundamental support is insufficient, the spot circulation pressure is still high, the downstream bearish sentiment trading weakens, the atmosphere of superimposed off-season is strong, and the short-term aluminum prices are under pressure.
Zinc: Today, the price of zinc in Foshan market stopped falling and rebounded, and the trading mood in the market improved. Recently, the news of mine-end production reduction has gradually weakened the supply disturbance, especially the domestic smelters are well stocked with raw materials. However, with the continuous decline in spot prices, the downstream bargain-hunting sentiment has increased, driving the social inventory to a two-month low, boosting the willingness of the holders to hold prices, and the short-term zinc price may fluctuate upward.
Stainless Steel: The price of nickel has increased recently after the previous plunge. Recently, investors bet on the expectation that the Federal Reserve will cut interest rates in advance, which dominates the market atmosphere. The dollar has fallen repeatedly, providing room for metals to rebound, and the macro atmosphere has improved to drive nickel prices. However, excess and accumulated warehouse receipts still suppress the rise of nickel prices, and the market trading mentality is still cautious. (Analyzed by LTIT)
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