Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 5
2024-12-5
Copper: The spot copper price in Foshan market fell slightly today, and the short-term trend fluctuated weakly. At present, the macro guidance is limited, and the short-term copper price has turned into a range shock. However, overseas markets are still biased towards interest rate cuts, which supports copper prices. At present, investors are paying close attention to the import tariff policy of the new president of the United States, and the market has a strong wait-and-see mood. Investment bank analysts predict: "The copper price has stabilized in a wide range of $8,900-$9,200, and it is likely to remain in this range while we wait for more information." Bank of America predicts that the spot prices of aluminum, copper and nickel will pick up in the next six months. At present, the market sentiment is still optimistic, and the short-term copper price may fluctuate in a range, and there is a chance to form a small breakthrough above $9,000.
Aluminum: Today, the price of aluminum in Foshan market is rising further, with a strong short-term trend. At present, the pattern of supply and demand in the aluminum market is relatively balanced, supported by the continuous decline of aluminum ingots, and the price of alumina has reached a record high, further consolidating the cost support of aluminum prices. Due to the high price of alumina, the loss scale of electrolytic aluminum plants has expanded, and there is the possibility of further production reduction, and aluminum prices may continue to rise.
Zinc: Zinc fluctuated with Horizontal Price Movement at a high level, the monthly difference of SHFE zinc widened slightly, the asking price of traders was firm, the buyers were cautious, and they still focused on purchasing on demand. In the case of weak market transactions, it also dragged down the enthusiasm of traders to receive goods to a certain extent, and the overall market transactions were dull.
Stainless Steel: Rally encountered resistance. The rising trend of nickel and stainless steel futures was reversed, but the spot market was firm in price, the quotation of steel strip remained at yesterday's level, and the scrap trading was generally based on stable price. Manufacturers continued to actively inquire for goods, and the tight supply circulation strongly supported the price. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is rising further, with a strong short-term trend. At present, the pattern of supply and demand in the aluminum market is relatively balanced, supported by the continuous decline of aluminum ingots, and the price of alumina has reached a record high, further consolidating the cost support of aluminum prices. Due to the high price of alumina, the loss scale of electrolytic aluminum plants has expanded, and there is the possibility of further production reduction, and aluminum prices may continue to rise.
Zinc: Zinc fluctuated with Horizontal Price Movement at a high level, the monthly difference of SHFE zinc widened slightly, the asking price of traders was firm, the buyers were cautious, and they still focused on purchasing on demand. In the case of weak market transactions, it also dragged down the enthusiasm of traders to receive goods to a certain extent, and the overall market transactions were dull.
Stainless Steel: Rally encountered resistance. The rising trend of nickel and stainless steel futures was reversed, but the spot market was firm in price, the quotation of steel strip remained at yesterday's level, and the scrap trading was generally based on stable price. Manufacturers continued to actively inquire for goods, and the tight supply circulation strongly supported the price. (Analyzed by LTIT)
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