Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 10
2024-12-10
Copper: The spot copper price in Foshan market continued to rise slightly today, and the short-term trend fluctuated strongly. The prospect of copper price under the interweaving of China's policy shift and global market dynamics presents a complex situation. In the short term, China's warm policy has boosted market sentiment, and copper prices are expected to rise. However, in the medium term, the uncertainty of Fed policy, the possible fluctuation of Trump tariff policy and the change of supply and demand pattern in domestic and foreign copper markets may have a negative impact on copper prices. In the morning, the spot market was generally traded, and the downstream receiving goods was still cautious. It was not blindly chasing high and making up for the increase because of the warm wind of the policy. The goods holders continued to ship at a high price, the relationship between supply and demand in the market remained loose, and the trading surface was moderate.
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and market transactions continue to be cautious. The cancellation of aluminum export tax rebate has been implemented since December, which has suppressed the demand prospect to some extent, but the social inventory of aluminum ingots has remained at a low level in recent years, which still supports the aluminum price. SHFE aluminum will continue to fluctuate above 20,000 before the domestic spot price of alumina is obviously loosened.
Zinc: Politburo meeting of the Chinese Communist Party released a favorable signal that the price of zinc continued to rise, and the trading atmosphere in the market was stable. As the price of zinc was always at a high level, merchants were bullish and did not chase after the increase, and manufacturers basically maintained on-demand procurement, and the overall market transaction was average.
Stainless Steel: The policy stimulates macro-mood, nickel and stainless steel futures continue to rise, the spot market is not confident, the traditional off-season demand is weak, the trading is in a wait-and-see attitude, the scrap continues to maintain a stable price trading, the manufacturers are weak in their desire to follow up, and the buyers' bargaining and reluctance to sell goods form a stalemate. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to be stable, and market transactions continue to be cautious. The cancellation of aluminum export tax rebate has been implemented since December, which has suppressed the demand prospect to some extent, but the social inventory of aluminum ingots has remained at a low level in recent years, which still supports the aluminum price. SHFE aluminum will continue to fluctuate above 20,000 before the domestic spot price of alumina is obviously loosened.
Zinc: Politburo meeting of the Chinese Communist Party released a favorable signal that the price of zinc continued to rise, and the trading atmosphere in the market was stable. As the price of zinc was always at a high level, merchants were bullish and did not chase after the increase, and manufacturers basically maintained on-demand procurement, and the overall market transaction was average.
Stainless Steel: The policy stimulates macro-mood, nickel and stainless steel futures continue to rise, the spot market is not confident, the traditional off-season demand is weak, the trading is in a wait-and-see attitude, the scrap continues to maintain a stable price trading, the manufacturers are weak in their desire to follow up, and the buyers' bargaining and reluctance to sell goods form a stalemate. (Analyzed by LTIT)
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