Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 4
2024-12-4
Copper: The spot copper price in Foshan market continues to rise today, and the policy is expected to heat up, and the focus of copper trading has moved up. LME copper ushered in a long-lost sharp rebound overnight, and the price returned to above $9,000, driving SHFE copper to rise further. The main contract hit an intraday high of 75,150 yuan/ton, and the optimism in the spot market warmed up and the price rose. According to the news, China will hold an important meeting next Wednesday to discuss the GDP target and the stimulus plan, and domestic policies are expected to start to pick up. Combined with the recent improvement of manufacturing PMI in China and the United States and the improvement of domestic and foreign spot prices, it is expected that the center of gravity of copper prices will continue to move up. At present, traders may be optimistic, but will remain calm until there is no substantive action, and the short-term copper price may fluctuate in a range.
Aluminum: Today, the price of aluminum in Foshan market rose steadily, and the transaction improved. At present, the supply and demand pattern of aluminum market is relatively balanced, supported by the continuous decline of aluminum ingots, the demand remains resilient, the price of alumina reappears strongly, and the four consecutive price increases provide strong cost support for the price of electrolytic aluminum, and the cost of electrolytic aluminum remains high. Demand is improving, and trader expect that the short-term aluminum price will remain mainly volatile.
Zinc: Zinc fluctuates strongly, and traders are still not cautious in receiving goods. They maintain the principle of buying and selling now, and only actively make inquiries in the market when the orders are fulfilled. The demand is less than expected, and the downstream zinc manufacturers are relatively cautious, and the overall market demand is stable. The shortage of imported zinc ingots will alleviate the drop of spot premium in the short term, and the orders of consumer enterprises are slow, so zinc should not be chased up too much.
Stainless Steel: LME nickel's 16,000 mark was recovered, SHFE nickel and stainless steel futures rebounded, and the spot market suddenly blew up the wind of price increase. The price of steel strip rose slightly, and the demand for scrap replenishment intervened while it was low. Many buyers actively pursued the price to absorb the supply. Nickel price fluctuated in the low range, and stainless steel futures held steady at 13,000, both of which were regarded as building the bottom market. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose steadily, and the transaction improved. At present, the supply and demand pattern of aluminum market is relatively balanced, supported by the continuous decline of aluminum ingots, the demand remains resilient, the price of alumina reappears strongly, and the four consecutive price increases provide strong cost support for the price of electrolytic aluminum, and the cost of electrolytic aluminum remains high. Demand is improving, and trader expect that the short-term aluminum price will remain mainly volatile.
Zinc: Zinc fluctuates strongly, and traders are still not cautious in receiving goods. They maintain the principle of buying and selling now, and only actively make inquiries in the market when the orders are fulfilled. The demand is less than expected, and the downstream zinc manufacturers are relatively cautious, and the overall market demand is stable. The shortage of imported zinc ingots will alleviate the drop of spot premium in the short term, and the orders of consumer enterprises are slow, so zinc should not be chased up too much.
Stainless Steel: LME nickel's 16,000 mark was recovered, SHFE nickel and stainless steel futures rebounded, and the spot market suddenly blew up the wind of price increase. The price of steel strip rose slightly, and the demand for scrap replenishment intervened while it was low. Many buyers actively pursued the price to absorb the supply. Nickel price fluctuated in the low range, and stainless steel futures held steady at 13,000, both of which were regarded as building the bottom market. (Analyzed by LTIT)
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