Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 16
2024-12-16
Copper: The spot copper price in Foshan market fell slightly today, and the market was cautious. This week, the Federal Reserve's interest rate meeting will be the focus of the market. On the eve of the resolution, the market generally showed a wait-and-see mood of "seeing more and moving less". Investors are paying close attention to the Fed's outlook on future monetary policy, especially the bitmap's expectation of next year's monetary policy. This will directly affect the trend of the dollar, which will have an important impact on copper prices. Also, the China Central Economic Work Conference proposed to implement a more active fiscal policy and a moderately loose monetary policy to maintain stable economic growth. This policy has provided some support for the copper market, but its impact on copper prices is limited in the short term. Short-term copper prices may continue to fluctuate in the range.
Aluminum: Today, the price of aluminum in Foshan market continues to drop slightly, and the short-term trend fluctuates weakly. This week, the key decision-making meeting of the Federal Reserve struck, and market investors were ready, and investors maintained an attitude of seeing more and moving less, which led to the aluminum market falling into a calm and dragged down the aluminum price. However, the current alumina price is still in the high price range, and the aluminum price cost support is still there.
Zinc: Today, the price of zinc in Foshan market is hovering at a high level. Middlemen and traders are worried about the trend of zinc market in the future, and there are not many purchases in large quantities. Holders keep their enthusiasm for shipping, and zinc manufacturers are not willing to buy. Most of them maintain on-demand procurement, and the overall market transaction slows down. The fundamentals have not changed much. Looking at the performance of the follow-up policies, the short-term after-market of zinc is strong and volatile.
Stainless Steel: Affected by macro-emotional fluctuations, nickel prices fluctuated widely, and the fundamentals continued to be weak. At the beginning of the week, the sharp diving of SHFE nickel dragged down the position of stainless steel futures, and the confidence in the spot market was affected. Although the quotation of steel strip was slightly lowered, the scrap price remained firmly stable, and the supply circulation was tight and strong. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to drop slightly, and the short-term trend fluctuates weakly. This week, the key decision-making meeting of the Federal Reserve struck, and market investors were ready, and investors maintained an attitude of seeing more and moving less, which led to the aluminum market falling into a calm and dragged down the aluminum price. However, the current alumina price is still in the high price range, and the aluminum price cost support is still there.
Zinc: Today, the price of zinc in Foshan market is hovering at a high level. Middlemen and traders are worried about the trend of zinc market in the future, and there are not many purchases in large quantities. Holders keep their enthusiasm for shipping, and zinc manufacturers are not willing to buy. Most of them maintain on-demand procurement, and the overall market transaction slows down. The fundamentals have not changed much. Looking at the performance of the follow-up policies, the short-term after-market of zinc is strong and volatile.
Stainless Steel: Affected by macro-emotional fluctuations, nickel prices fluctuated widely, and the fundamentals continued to be weak. At the beginning of the week, the sharp diving of SHFE nickel dragged down the position of stainless steel futures, and the confidence in the spot market was affected. Although the quotation of steel strip was slightly lowered, the scrap price remained firmly stable, and the supply circulation was tight and strong. (Analyzed by LTIT)
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