Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 24
2024-12-23
Copper: The spot copper price in Foshan market rose slightly today, and the market anxiety eased. Benefiting from the weakening of the US dollar index and the moderate inflation data in the United States, LME copper oscillated and rebounded, gradually moving away from the staged bottom of $8,859 and approaching the $9,000 mark again. SHFE copper rebounded, and the main contract was above 74,000 yuan, driving the spot copper price to rise in an all-round way. At present, the continuous decline of domestic copper stocks has brought support to the copper market, and it has now dropped to a new low of more than ten months. PCE, the most favored inflation data in the United States, unexpectedly dropped, making the rising dollar fall, which eased the risk aversion of the market and created favorable conditions for the stabilization and recovery of copper prices. However, the shortage of funds in the domestic market may restrict the actual trading volume.
Aluminum: The price of aluminum in Foshan market rose slightly today. The decline in the US dollar index makes aluminum prices more attractive, which is conducive to the recovery of demand prospects. As of last Friday, the decline of SHFE aluminum ingot inventory slowed down obviously, with a decrease of 2,203 tons to 212,298 tons compared with the previous week, reflecting the weak spot demand and restricting the upward space of aluminum prices. In the short term, the aluminum price of 20,000 yuan has become a key support point.
Zinc: The price of zinc has stabilized, and traders have turned cautious in receiving goods, maintaining the existing inventory operation as the main task. The downstream materials manufacturers have slowed down their procurement, mostly taking a wait-and-see attitude, with low purchasing enthusiasm and average market transactions. The supply side is tight, macroeconomic sentiment and policy support for zinc prices is weakened, the Federal Reserve will cut interest rates by half next year, and zinc is expected to fluctuate in the short term from 24,800 to 25,800.
Stainless Steel: Domestic SHFE nickel and stainless steel futures rose, but the spot market obviously lacked confidence. In the off-season, the demand for deep-going steel strips was weak, the production profit margin of steel mills was limited, and the scrap manufacturers were not willing to purchase and follow up. Buyers in the industry generally maintained stable prices to receive goods, and the transaction of low-priced goods was not smooth. The after-market should pay attention to the production plan and raw material price of steel mills. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market rose slightly today. The decline in the US dollar index makes aluminum prices more attractive, which is conducive to the recovery of demand prospects. As of last Friday, the decline of SHFE aluminum ingot inventory slowed down obviously, with a decrease of 2,203 tons to 212,298 tons compared with the previous week, reflecting the weak spot demand and restricting the upward space of aluminum prices. In the short term, the aluminum price of 20,000 yuan has become a key support point.
Zinc: The price of zinc has stabilized, and traders have turned cautious in receiving goods, maintaining the existing inventory operation as the main task. The downstream materials manufacturers have slowed down their procurement, mostly taking a wait-and-see attitude, with low purchasing enthusiasm and average market transactions. The supply side is tight, macroeconomic sentiment and policy support for zinc prices is weakened, the Federal Reserve will cut interest rates by half next year, and zinc is expected to fluctuate in the short term from 24,800 to 25,800.
Stainless Steel: Domestic SHFE nickel and stainless steel futures rose, but the spot market obviously lacked confidence. In the off-season, the demand for deep-going steel strips was weak, the production profit margin of steel mills was limited, and the scrap manufacturers were not willing to purchase and follow up. Buyers in the industry generally maintained stable prices to receive goods, and the transaction of low-priced goods was not smooth. The after-market should pay attention to the production plan and raw material price of steel mills. (Analyzed by LTIT)
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