Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 13
2024-12-13
Copper: The spot copper price in Foshan market fell across the board today, with buyers and sellers holding a strong wait-and-see attitude and light market trading. This week's copper rose first and then fell, mainly because of the continuous strong surge of the US dollar index. Although China's policies continue to release positive signals, the market still has doubts about the intensity of economic stimulus. The announcement of Thursday's meeting did not disclose the specific scale of stimulus measures or the economic growth target for next year, which made the market confidence fall. At present, it is in the off-season at the end of the year, the demand of copper market is obviously weakened, the downstream wait-and-see mood is rising, and the purchasing willingness is not strong. Traders are faced with the pressure of inventory liquidation and withdrawal of funds, and it is difficult to obtain new orders, and their purchasing power is further weakened. In the short term, the pressure above the copper price is still huge, and the price may continue to fluctuate.
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the short-term price mainly consolidated in a narrow range. Due to the seasonal weakening of demand in the aluminum market, the market has a flat response to the favorable policies, and the traders are more concerned about the withdrawal of funds and the safety of funds. At present, the fundamentals of the domestic aluminum market have not changed much, the supply side remains stable, the SHFE aluminum pool tends to be low, and the high-level operation of alumina at the cost side still supports the aluminum price.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, the supply of goods in the market has remained stable, traders are relatively cautious in purchasing goods, the terminal demand is weak, the willingness to purchase goods is still not strong, and the market consumption is not good. The spot maintained a high premium, the delivery was close and the market optimism eased, and the after-market was cautious.
Stainless Steel: Yesterday afternoon, the sudden rise of nickel price triggered a round of speculation in the market, but stainless steel was unmoved, or its center of gravity was low and its load was heavy, so it was difficult to rise. With the decline of stainless steel futures, the spot market slows down, and the scrap trading is still limited by insufficient demand and the suppression of capital withdrawal. The overall procurement is mainly based on stable prices. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market dropped slightly, and the short-term price mainly consolidated in a narrow range. Due to the seasonal weakening of demand in the aluminum market, the market has a flat response to the favorable policies, and the traders are more concerned about the withdrawal of funds and the safety of funds. At present, the fundamentals of the domestic aluminum market have not changed much, the supply side remains stable, the SHFE aluminum pool tends to be low, and the high-level operation of alumina at the cost side still supports the aluminum price.
Zinc: Today, the price of zinc in Foshan market has dropped at a high level, the supply of goods in the market has remained stable, traders are relatively cautious in purchasing goods, the terminal demand is weak, the willingness to purchase goods is still not strong, and the market consumption is not good. The spot maintained a high premium, the delivery was close and the market optimism eased, and the after-market was cautious.
Stainless Steel: Yesterday afternoon, the sudden rise of nickel price triggered a round of speculation in the market, but stainless steel was unmoved, or its center of gravity was low and its load was heavy, so it was difficult to rise. With the decline of stainless steel futures, the spot market slows down, and the scrap trading is still limited by insufficient demand and the suppression of capital withdrawal. The overall procurement is mainly based on stable prices. (Analyzed by LTIT)
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