Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 7
2024-11-7
Copper: The spot copper price in Foshan market has fallen sharply today, and the market caution has warmed up. Overseas pessimism swept the world. Trump's victory in the US presidential election triggered a sharp rise in the "Trump Deal", which pushed the US dollar index to a five-month high. Copper fell sharply under pressure, hitting an intraday low of $9,302. The low level of LME copper re-attracted more funds, and the low level of LME copper rebounded to narrow the decline of SHFE copper. The traditional peak season has passed, and after entering November, the market's expectation of copper market demand is not optimistic. At present, most downstream industries keep the rigid demand procurement strategy, and the follow-up market trend needs to pay close attention to the inflow of imported goods and the impact of domestic favorable policies on downstream demand. Short-term copper prices may be dominated by weak shocks.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply, and the trend continues to be strong. This week, alumina futures rose for three days in a row, hitting a high of 5266 yuan/ton this morning, once again refreshing the highest price since listing, with an increase of 56% during the year, providing stronger cost support for electrolytic aluminum. The fluctuation of short-term aluminum prices may continue to intensify, so pay attention to the pressure brought by profit-taking of funds.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate with Horizontal Price Movement, and traders are more cautious in receiving goods. Most of them make inquiries after receiving orders, and the downstream manufacturers are mainly in stock before digesting, so the market transactions are dull.
Stainless Steel: Trump’s winning of election makes the US dollar soar, and gold and copper fell sharply, and LME nickel continued to rise under pressure. However, the confidence in the stainless steel market was frustrated, and the sluggish demand performance caused a pessimistic price drop atmosphere. The risk aversion in the waste industry quickly warmed up, and manufacturers and buyers lowered the receiving price one after another. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply, and the trend continues to be strong. This week, alumina futures rose for three days in a row, hitting a high of 5266 yuan/ton this morning, once again refreshing the highest price since listing, with an increase of 56% during the year, providing stronger cost support for electrolytic aluminum. The fluctuation of short-term aluminum prices may continue to intensify, so pay attention to the pressure brought by profit-taking of funds.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate with Horizontal Price Movement, and traders are more cautious in receiving goods. Most of them make inquiries after receiving orders, and the downstream manufacturers are mainly in stock before digesting, so the market transactions are dull.
Stainless Steel: Trump’s winning of election makes the US dollar soar, and gold and copper fell sharply, and LME nickel continued to rise under pressure. However, the confidence in the stainless steel market was frustrated, and the sluggish demand performance caused a pessimistic price drop atmosphere. The risk aversion in the waste industry quickly warmed up, and manufacturers and buyers lowered the receiving price one after another. (Analyzed by LTIT)
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