Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 20
2024-11-20
Copper: Today, the spot copper price in Foshan market has risen in an all-round way, and market transactions are cautiously improving. The falling dollar provided an opportunity for metal prices to rebound. LME copper bottomed out and the price returned to above $9,100. SHFE copper continued its rebound momentum yesterday, hitting an intraday high of 74,720 yuan/ton. At present, the market continues to digest the Announcement on Adjustment of Export Tax Refund Policy issued by the state last Friday. The data shows that the refined copper output in China decreased by 1.3% year-on-year to 1.116 million tons in October. Due to the tight supply of raw materials and the overhaul of smelters, the electrolytic copper output decreased both month-on-month and year-on-year. In addition, the domestic social stock of SHFE copper continued to decline, which aggravated the shortage of spot supply and reflected the improvement of market demand. The current pick-up in spot transactions has helped copper prices rebound, and prices may continue to rally.
Aluminum: Today, the price of aluminum in Foshan market rose sharply. After the price fell continuously, it rallied again, attracting many aluminum manufacturers to buy goods in the market, and the transaction improved. Recently, the US dollar index has weakened for three consecutive days, supporting the upward trend of aluminum prices. In addition, the market digested China's cancellation of tax rebate policy, and the price in alumina market rose strongly, which increased the production cost of electrolytic aluminum and supported the rally of aluminum price.
Zinc: The bottom of SHFE zinc range rebounded, traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase of goods. The purchasing intention of downstream materials manufacturers improved, and market transactions increased slightly. Some smelters in Inner Mongolia, Gansu, Henan, Sichuan and other places were overhauled and reduced production. In October, the sluggish real estate data dragged down consumption, and zinc remained volatile.
Stainless Steel: The price of nickel continued to rally, driving the stainless steel futures to rebound at a low level, and the transaction atmosphere in the spot market was obviously improved. The scrap industry wanted to release when it entered the market at a low level, and manufacturers actively inquired about the goods and negotiated prices. The receiving price was generally raised from the recent low level to stimulate the circulation of goods. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose sharply. After the price fell continuously, it rallied again, attracting many aluminum manufacturers to buy goods in the market, and the transaction improved. Recently, the US dollar index has weakened for three consecutive days, supporting the upward trend of aluminum prices. In addition, the market digested China's cancellation of tax rebate policy, and the price in alumina market rose strongly, which increased the production cost of electrolytic aluminum and supported the rally of aluminum price.
Zinc: The bottom of SHFE zinc range rebounded, traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase of goods. The purchasing intention of downstream materials manufacturers improved, and market transactions increased slightly. Some smelters in Inner Mongolia, Gansu, Henan, Sichuan and other places were overhauled and reduced production. In October, the sluggish real estate data dragged down consumption, and zinc remained volatile.
Stainless Steel: The price of nickel continued to rally, driving the stainless steel futures to rebound at a low level, and the transaction atmosphere in the spot market was obviously improved. The scrap industry wanted to release when it entered the market at a low level, and manufacturers actively inquired about the goods and negotiated prices. The receiving price was generally raised from the recent low level to stimulate the circulation of goods. (Analyzed by LTIT)
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