Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 22
2024-11-22
Copper: Today, the spot copper price in Foshan market continued to drop slightly, and market transactions continued to be cautious. The continued high operation of the US dollar index constantly put pressure on the metal market, LME copper fell below the $9,000 mark again, and the decline of SHFE copper expanded to 730 yuan in the shock. Recently, the US dollar has soared strongly, and the market is expected to go up to 110. Coupled with the escalation of geopolitical turmoil in Russia-Ukraine and the expected decline in the probability of interest rate cuts in the United States in December, the United States will launch a greater tariff war to suppress follow-up consumption, making most of the funds profitable in the short term. In the absence of more hype, SHFE copper futures continued to lighten their positions, LME copper retreated to $9,000 again, and the market was in a strong wait-and-see mood. In the second half of the fourth quarter, the shortage of funds has intensified, and it is expected that copper will still have rally pressure in the short term.
Aluminum: Today, the price of aluminum in Foshan market continued to drop slightly, and the spot market was in a downturn. The domestic aluminum market continues to oscillate and fall due to the pressure of canceling export tax rebate in the early stage and withdrawing funds in the fourth quarter, and the aluminum in SHFE period is in the middle of recent fluctuations. In the second half of the fourth quarter, the pressure of withdrawing funds will put pressure on the transaction price, and it is expected that the short-term aluminum price will fluctuate mainly.
Zinc: Spot zinc prices rose to a two-week high. Most traders remained cautious and didn't replenish their stocks in large quantities. Downstream manufacturers were more afraid of falling, and some of them entered the market to purchase with rigid demands when the price was low. The market lacked confidence in the market outlook and most of them waited and saw, and market transactions weakened. Some smelters in many places were overhauled and reduced production. The sluggish real estate data in October dragged down consumption, and zinc was expected to maintain a range fluctuation pattern.
Stainless Steel: The rally of nickel price met with resistance, and the stainless steel futures retreated most of the gains. The spot steel strip was temporarily intentionally priced, and the market demand turned to a cautious wait-and-see attitude. The scrap trading atmosphere was suppressed, and the manufacturers and buyers lowered their quotations with the trend, making it difficult to receive goods. The current fundamentals are difficult to support a sharp rise in the market, and it is expected that the price range of stainless steel will fluctuate mainly. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continued to drop slightly, and the spot market was in a downturn. The domestic aluminum market continues to oscillate and fall due to the pressure of canceling export tax rebate in the early stage and withdrawing funds in the fourth quarter, and the aluminum in SHFE period is in the middle of recent fluctuations. In the second half of the fourth quarter, the pressure of withdrawing funds will put pressure on the transaction price, and it is expected that the short-term aluminum price will fluctuate mainly.
Zinc: Spot zinc prices rose to a two-week high. Most traders remained cautious and didn't replenish their stocks in large quantities. Downstream manufacturers were more afraid of falling, and some of them entered the market to purchase with rigid demands when the price was low. The market lacked confidence in the market outlook and most of them waited and saw, and market transactions weakened. Some smelters in many places were overhauled and reduced production. The sluggish real estate data in October dragged down consumption, and zinc was expected to maintain a range fluctuation pattern.
Stainless Steel: The rally of nickel price met with resistance, and the stainless steel futures retreated most of the gains. The spot steel strip was temporarily intentionally priced, and the market demand turned to a cautious wait-and-see attitude. The scrap trading atmosphere was suppressed, and the manufacturers and buyers lowered their quotations with the trend, making it difficult to receive goods. The current fundamentals are difficult to support a sharp rise in the market, and it is expected that the price range of stainless steel will fluctuate mainly. (Analyzed by LTIT)
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