Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 9
2024-12-9
Copper: The spot copper price in Foshan market rose slightly today, and the short-term trend fluctuated strongly. At present, LME copper still has a strong supporting force in the first line of $9,100, while SHFE copper fluctuates in the range of 74,000-75,000 yuan. At present, the expectation of interest rate cut by the Federal Reserve is heating up, and the market expects more stimulus measures to be introduced in the important policy meeting in China, which supports the market risk sentiment. The superimposed SHFE copper bank keeps falling, falling to the lowest level since February 8, which supports the copper price. However, at the end of the export window in December, the overall expected demand declined slightly month-on-month, which made the fundamentals enter a seasonally weak month, which may put pressure on the short-term copper price trend. The copper market is intertwined, and the price may continue to fluctuate.
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and market transactions continue to be cautious. The rise of the US dollar index and the fall of oil prices are both pressing, and the market aversion is heating up, which has a negative impact on the trend of aluminum prices. At present, the domestic aluminum market is weak, and aluminum manufacturers are still mainly purchasing on demand. The weak demand in the real estate market continues to restrict the vitality of the aluminum market, and traders expect that aluminum prices will remain under pressure in the short term.
Zinc: Today, the zinc price in Foshan market continues to fluctuate at a high level, and the willingness of goods holders to ship is actively relaxed. The downstream manufacturers are obviously afraid of being high and wait-and-see, and most of them are mainly based on inquiry. The manufacturers with rigid demands buy only a small amount, and the overall market transaction is weak. The tight supply at the mine end is still a strong support, and the demand side remains weak, and the after-market is cautious.
Stainless Steel: SHFE nickel continued to rebound this week, stainless steel futures fluctuated around the 13,000 mark, the spot steel strip performed firmly, and the scrap trading was limited by the lack of supply circulation. Some manufacturers and buyers tried to increase the positive receipt, so it was difficult for the overall transaction market to fluctuate significantly for the time being. Under the short-term lack of external factors, it is expected that nickel and stainless steel will maintain interval oscillation operation. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has not changed much, and market transactions continue to be cautious. The rise of the US dollar index and the fall of oil prices are both pressing, and the market aversion is heating up, which has a negative impact on the trend of aluminum prices. At present, the domestic aluminum market is weak, and aluminum manufacturers are still mainly purchasing on demand. The weak demand in the real estate market continues to restrict the vitality of the aluminum market, and traders expect that aluminum prices will remain under pressure in the short term.
Zinc: Today, the zinc price in Foshan market continues to fluctuate at a high level, and the willingness of goods holders to ship is actively relaxed. The downstream manufacturers are obviously afraid of being high and wait-and-see, and most of them are mainly based on inquiry. The manufacturers with rigid demands buy only a small amount, and the overall market transaction is weak. The tight supply at the mine end is still a strong support, and the demand side remains weak, and the after-market is cautious.
Stainless Steel: SHFE nickel continued to rebound this week, stainless steel futures fluctuated around the 13,000 mark, the spot steel strip performed firmly, and the scrap trading was limited by the lack of supply circulation. Some manufacturers and buyers tried to increase the positive receipt, so it was difficult for the overall transaction market to fluctuate significantly for the time being. Under the short-term lack of external factors, it is expected that nickel and stainless steel will maintain interval oscillation operation. (Analyzed by LTIT)
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