Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 13
2024-11-13
Copper: The spot copper price in Foshan market fell further today, and the cautious mood in the market obviously warmed up. At present, the overall atmosphere of domestic and international commodity markets is still empty, and the US dollar index continues to strengthen to a high level of more than half a year, which puts pressure on copper prices. At present, the copper market has a strong cautious wait-and-see mood, traders' bearish mood is further deepened, the demand for procurement and replenishment is relatively limited, and the overall demand is difficult to rally significantly. Downstream industries mostly maintain procurement with rigid demands, and the spot market activity is not high. Due to the intensive meetings this week, the trading atmosphere of the cargo holders is also relatively deserted. Traders generally expect that the impact of supply and demand will be relatively diluted in the short term, and copper prices will show a weak trend. Traders should pay attention to the support of LME copper at the $9,000 mark.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the robust dollar keeps putting pressure on the metal market. At present, the fundamentals of the domestic aluminum market have not changed significantly. However, the sharp drop in alumina at the cost side dragged down SHFE aluminum. At present, the market has entered the off-season, the demand has steadily decreased, the operating rate of the downstream aluminum industry has slowly declined, and the cargo holders mainly rely on shipping profits to withdraw funds, so the transaction is not active.
Zinc: The rise of the US dollar index has put pressure on the price of zinc, and downstream manufacturers are more cautious in purchasing goods, mainly on demand. In the case of weak market transactions, it has also dragged down the enthusiasm of traders to receive goods to a certain extent, and the market transactions are weak. The supply at the mine end is tight, and the expectation of production reduction still exists. Trader should pay attention to the actual consumption situation of policy transmission, and zinc is expected to fluctuate.
Stainless Steel: The US dollar continued to rise, and metals were under pressure. LME nickel slipped down the 16,000 mark again, followed by SHFE nickel, and stainless steel futures gradually dropped. The spot market was pessimistic and bearish, and the scrap industry basically maintained the operation of keeping prices down and avoiding risks. The overall trading activity was not high, and the supply transactions were sluggish. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the robust dollar keeps putting pressure on the metal market. At present, the fundamentals of the domestic aluminum market have not changed significantly. However, the sharp drop in alumina at the cost side dragged down SHFE aluminum. At present, the market has entered the off-season, the demand has steadily decreased, the operating rate of the downstream aluminum industry has slowly declined, and the cargo holders mainly rely on shipping profits to withdraw funds, so the transaction is not active.
Zinc: The rise of the US dollar index has put pressure on the price of zinc, and downstream manufacturers are more cautious in purchasing goods, mainly on demand. In the case of weak market transactions, it has also dragged down the enthusiasm of traders to receive goods to a certain extent, and the market transactions are weak. The supply at the mine end is tight, and the expectation of production reduction still exists. Trader should pay attention to the actual consumption situation of policy transmission, and zinc is expected to fluctuate.
Stainless Steel: The US dollar continued to rise, and metals were under pressure. LME nickel slipped down the 16,000 mark again, followed by SHFE nickel, and stainless steel futures gradually dropped. The spot market was pessimistic and bearish, and the scrap industry basically maintained the operation of keeping prices down and avoiding risks. The overall trading activity was not high, and the supply transactions were sluggish. (Analyzed by LTIT)
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