Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 30
2021-11-30
Copper: Today, the recycled copper price in Foshan market continues to fall, and the decline has slowed down obviously. After last Friday's panic outbreak, the market's concern about COVID-19 variant Omicron has cooled down, and the current copper inventory is at an all-time low, which is beneficial to support the copper price. At present, the turbulent trend of copper price is temporarily suspended, and the price remains within a narrow range. Coming into December, the liquidity of funds will become increasingly tight, which may restrict the purchasing power of the copper market. At present, copper manufacturers generally reflect that orders are low, and there is a phenomenon of underpricing in purchasing, while the asking price of the goods holders is still firm, and the trading volume is restricted. The supply of recycled copper continues to be in short supply, and the sellers are reluctant to sell at a reduced price. However, due to weak demand, the offer price of factory enterprises is generally lower than the receiving price of recyclers, resulting in less transactions.
Aluminum: Today, the aluminum price in Foshan market continues to fall, but the decline has obviously eased, and the market panic has basically dissipated. Coming into December, the liquidity of funds is expected to remain tight, and the new epidemic situation has led to the closure of many countries, which has also cast a shadow over the market. It is expected that the short-term aluminum trend will be slightly under repeated pressure, and the upward and downward pressure will not be too great.
Zinc: Today, the zinc price in Foshan market is stable, with a narrow horizontal trend in the last two days. Most of the merchants are cautious. After a round of replenishment market yesterday, the downstream manufacturers' fear of falling increased, and they enter the market to purchase mainly with rigid demand. Most of the market lacks confidence in the market outlook, and the market transactions are weaker than yesterday.
Stainless Steel: Today, the price of stainless steel in Foshan market has stopped falling and stabilized. At the end of the month, the stainless steel market suffered from financial pressure, and the trading of spot plate and strip was basically the operation of withdrawing money from shipment, and the price reduction was beneficial to the transaction. The price of nickel has stopped falling and rebounded, the scrap industry has a wait-and-see atmosphere, the purchasing of steel mills is not active, the buyer receives the goods according to the quotation range, and the market transaction is dull. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to fall, but the decline has obviously eased, and the market panic has basically dissipated. Coming into December, the liquidity of funds is expected to remain tight, and the new epidemic situation has led to the closure of many countries, which has also cast a shadow over the market. It is expected that the short-term aluminum trend will be slightly under repeated pressure, and the upward and downward pressure will not be too great.
Zinc: Today, the zinc price in Foshan market is stable, with a narrow horizontal trend in the last two days. Most of the merchants are cautious. After a round of replenishment market yesterday, the downstream manufacturers' fear of falling increased, and they enter the market to purchase mainly with rigid demand. Most of the market lacks confidence in the market outlook, and the market transactions are weaker than yesterday.
Stainless Steel: Today, the price of stainless steel in Foshan market has stopped falling and stabilized. At the end of the month, the stainless steel market suffered from financial pressure, and the trading of spot plate and strip was basically the operation of withdrawing money from shipment, and the price reduction was beneficial to the transaction. The price of nickel has stopped falling and rebounded, the scrap industry has a wait-and-see atmosphere, the purchasing of steel mills is not active, the buyer receives the goods according to the quotation range, and the market transaction is dull. (Analyzed by LTIT)
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