Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 6
2021-12-6
Copper: Today, the recycled copper price in Foshan market is stable. In the short term, under the pressure of new variant virus and tight annual capital flow, the copper price continues to fluctuate within a narrow range. A new round of RRR cuts is imminent, and traders expect that there will be two windows for "timely RRR cuts": the middle of this month and January next year. The expected RRR cut, the continued low inventory of copper and electricity, and the drop of copper price in the previous period have attracted funds to go long in the copper market slightly. However, the strength of the US dollar has suppressed the rise of copper price, and the traders expect that the short-term copper price will remain mainly in a narrow range. In December, the inventory of electric copper in Guangdong dropped significantly, and the premium of spot electric copper rose with it. However, copper manufacturers were restricted by factors such as less orders and tight funds at the end of the year, and generally reduced the price of receiving goods, which hindered the transaction.
Aluminum: The price of aluminum in Foshan market rose slightly today. At the end of the year, the demand was released, and the national aluminum inventory dropped slightly to below 1 million tons. Now the aluminum shows a slight premium. At present, aluminum manufacturers mainly purchase on demand. At present, aluminum enterprises generally reflect that new orders are not ideal, and they are concentrating their efforts to withdraw funds. In addition, due to the COVID-19 epidemic, import orders have also weakened.
Zinc: Today, the zinc price in Foshan market has dropped sharply, and the wait-and-see atmosphere in the market has revived. Traders are more cautious in receiving goods, basically maintaining low inventory operation, and asking for goods only after receiving orders. Downstream manufacturers are worried about the zinc price in the market outlook, mostly waiting to see, only needing a small amount of procurement, and the market transaction is dull. Risk aversion of new strains still exists, and it is expected that the zinc market will fluctuate downward.
Stainless steel: The price of stainless steel in Foshan market rose slightly today. Although the steel strip market is sluggish and the price continues to fall, the trading atmosphere of scrap stainless steel is gradually warming up, steel mills release the demand for scrap, and manufacturers and buyers are more active in entering the market, generally raising the receiving price to promote the supply transaction, which is good for stimulating the market rebound. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. At the end of the year, the demand was released, and the national aluminum inventory dropped slightly to below 1 million tons. Now the aluminum shows a slight premium. At present, aluminum manufacturers mainly purchase on demand. At present, aluminum enterprises generally reflect that new orders are not ideal, and they are concentrating their efforts to withdraw funds. In addition, due to the COVID-19 epidemic, import orders have also weakened.
Zinc: Today, the zinc price in Foshan market has dropped sharply, and the wait-and-see atmosphere in the market has revived. Traders are more cautious in receiving goods, basically maintaining low inventory operation, and asking for goods only after receiving orders. Downstream manufacturers are worried about the zinc price in the market outlook, mostly waiting to see, only needing a small amount of procurement, and the market transaction is dull. Risk aversion of new strains still exists, and it is expected that the zinc market will fluctuate downward.
Stainless steel: The price of stainless steel in Foshan market rose slightly today. Although the steel strip market is sluggish and the price continues to fall, the trading atmosphere of scrap stainless steel is gradually warming up, steel mills release the demand for scrap, and manufacturers and buyers are more active in entering the market, generally raising the receiving price to promote the supply transaction, which is good for stimulating the market rebound. (Analyzed by LTIT)
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