Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 24
2024-12-24
Copper: Spot copper prices in Foshan market fell slightly today. The US dollar index reappeared strongly, rising above 108, which brought pressure to the metal market. LME copper continued to fluctuate at a low level, and SHFE copper returned to below 74,000 yuan, and the market cautious mood warmed up. At present, the copper market is intertwined with long and short positions, and Fed officials are wary of limiting the rise of copper prices. At the same time, the interest rate prospect outlined by the Fed hawks indicates that the number of interest rate cuts will be greatly reduced next year, which makes the market's uncertainty about the future interest rate cut path persist. However, the continuous decline in domestic inventories has given support and is currently at the lowest level since February. With the growing atmosphere at the end of the year, the focus of the market has also turned to the strong trend of the US dollar, and the short-term copper price may continue to fluctuate within a narrow range of 9000 US dollars.
Aluminum: Today, the aluminum price in Foshan market reappears its decline, and the US dollar exerts strong pressure on the commodity market. The domestic year is approaching, the downstream demand is more tired, the smelter has the pressure to clear the warehouse, the spot market is insufficient, and the speed of aluminum ingots going to the warehouse is slowing down. The price of alumina at the cost end is loose and continues to fluctuate and adjust. At present, the center of gravity of the futures price is still hovering below 5,000, which is a drag on the short-term aluminum price.
Zinc: Today, the price of zinc in Foshan market is firm, and the downstream manufacturers are obviously afraid of heights and wait-and-see. Manufacturers with rigid demand buy in small quantities,, and the overall market transaction is average. Short-term macro-short-term sentiment slows down, and the downstream bargain-hunting drives the social inventory to continue to fall. At the same time, as the Spring Festival approaches, the demand for stocking by downstream enterprises still exists, and the off-season phenomenon provides the bottom support for zinc prices.
Stainless Steel: LME nickel stopped falling and rallied as Christmas approached. With the slowdown of nickel price decline, stainless steel futures also rose gradually, and the main contract was 13,000 yuan. The spot market lacked the motivation to follow up, and the wait-and-see atmosphere in the waste industry was strong. Buyers and sellers were active in short accumulation and the transaction price remained stable. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market reappears its decline, and the US dollar exerts strong pressure on the commodity market. The domestic year is approaching, the downstream demand is more tired, the smelter has the pressure to clear the warehouse, the spot market is insufficient, and the speed of aluminum ingots going to the warehouse is slowing down. The price of alumina at the cost end is loose and continues to fluctuate and adjust. At present, the center of gravity of the futures price is still hovering below 5,000, which is a drag on the short-term aluminum price.
Zinc: Today, the price of zinc in Foshan market is firm, and the downstream manufacturers are obviously afraid of heights and wait-and-see. Manufacturers with rigid demand buy in small quantities,, and the overall market transaction is average. Short-term macro-short-term sentiment slows down, and the downstream bargain-hunting drives the social inventory to continue to fall. At the same time, as the Spring Festival approaches, the demand for stocking by downstream enterprises still exists, and the off-season phenomenon provides the bottom support for zinc prices.
Stainless Steel: LME nickel stopped falling and rallied as Christmas approached. With the slowdown of nickel price decline, stainless steel futures also rose gradually, and the main contract was 13,000 yuan. The spot market lacked the motivation to follow up, and the wait-and-see atmosphere in the waste industry was strong. Buyers and sellers were active in short accumulation and the transaction price remained stable. (Analyzed by LTIT)
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