Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 18
2024-11-18
Copper: Spot copper prices in Foshan market fell slightly today, and market trading continued to be cautious. Recently, copper prices have shown a trend of weak shocks in domestic and international markets. After the previous continuous shocks, LME copper regained its support at the front line of $9,000 and broke away from the recent low. The traders are still optimistic about the short-term copper price trend. According to the analysis, with the uncertainty of the supply side and the resilience of downstream demand, copper prices may rebound. The news of canceling the export tax rebate for aluminum and copper products in China has limited impact on the copper market, because China is a big copper importer, not an export country. At present, the world focuses on the uncertainty of US trade tariffs and China's economic policies, and copper prices are expected to fluctuate frequently, so copper companies are mainly cautious and wait-and-see.
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, due to the cancellation of the export tax rebate policy of aluminum in China. Enterprises reflect that the policy will suppress the export of aluminum, put greater pressure on the domestic aluminum industry and need time to buffer, and the situation in the real estate industry continues to be worrying; However, on the other hand, a large upside down is beneficial to the export of aluminum ingots, which has little impact on the processing and export industry.
Zinc: The center of gravity of zinc price has moved down, and some merchants have entered the market to replenish their stocks. The downstream manufacturers are still cautious in purchasing, basically maintaining the purchase by order, and the overall market transactions have improved slightly. The next month's difference expanded the support for spot prices, the real estate downturn dragged down consumption, and zinc was expected to maintain a volatile pattern.
Stainless Steel: LME nickel rebounded from the low point of the year, and SHFE nickel ended the "five-day losing streak". The recent decline in nickel prices has dragged down the price of raw material ferronickel, weakened the cost support effect of stainless steel, continued to explore the futures market, the safe-haven atmosphere in the spot market, and the manufacturers in the waste industry are not actively purchasing, and the general buyers are mainly pushing down the price. The off-season is coming, and the price may decline.
Aluminum: Today, the price of aluminum in Foshan market dropped sharply, due to the cancellation of the export tax rebate policy of aluminum in China. Enterprises reflect that the policy will suppress the export of aluminum, put greater pressure on the domestic aluminum industry and need time to buffer, and the situation in the real estate industry continues to be worrying; However, on the other hand, a large upside down is beneficial to the export of aluminum ingots, which has little impact on the processing and export industry.
Zinc: The center of gravity of zinc price has moved down, and some merchants have entered the market to replenish their stocks. The downstream manufacturers are still cautious in purchasing, basically maintaining the purchase by order, and the overall market transactions have improved slightly. The next month's difference expanded the support for spot prices, the real estate downturn dragged down consumption, and zinc was expected to maintain a volatile pattern.
Stainless Steel: LME nickel rebounded from the low point of the year, and SHFE nickel ended the "five-day losing streak". The recent decline in nickel prices has dragged down the price of raw material ferronickel, weakened the cost support effect of stainless steel, continued to explore the futures market, the safe-haven atmosphere in the spot market, and the manufacturers in the waste industry are not actively purchasing, and the general buyers are mainly pushing down the price. The off-season is coming, and the price may decline.
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