Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 25
2024-12-25
Copper: The spot copper price in Foshan market is stable today, and the optimism set by the China financial meeting drives the market sentiment. However, during the Christmas holiday, the market trading was light, and the US dollar maintained a high operating trend, which limited the room for copper price to rise. In the near future, the market is concerned about the more uncertainty brought by the withdrawal of funds at the end of the year and the arrival of Trump in January, 2025. However, in China, it can be completely determined that 2025 will be mainly stimulated by various measures to promote the economy. China is a big copper user, and the current low inventory of electric copper and the import of recycled copper are beneficial to copper. However, in the short term, we should also pay attention to the recent market's reflection on the partial impact of the re-entry of reverse invoices in some regions on recycled copper.
Aluminum: Today, the price of aluminum in Foshan market rose steadily, the stock of aluminum ingots continued to decline and the spot discount narrowed. In November, some electrolytic aluminum enterprises in Sichuan planned to cut production due to losses exceeding expectations, which brought some support to the price of aluminum. In the final settlement cycle, most aluminum manufacturers purchase on demand, and some businesses expect that cost support may still help increase aluminum prices and increase the amount of materials prepared.
Zinc: Today, the price of zinc in Foshan market continues to rise, the asking price of goods holders is firm, the fear of heights of downstream materials manufacturers is aggravated, the purchasing enthusiasm is not high, and the overall market trading atmosphere is general. The supply status of raw materials supports the zinc price, and the spot flow is tight. There is still some room for the short-term zinc price to rise, but the main contract of SHFE zinc is 25800, which may have resistance.
Stainless Steel: Domestic SHFE nickel and stainless steel futures fluctuated slightly, the spot market continued to be in a downturn, financial factors plagued steel strip transactions, scrap trading was restricted by "reverse invoicing", and manufacturers in the industry collectively turned to a wait-and-see attitude, making it difficult for buyers to keep prices down and have low-priced goods to circulate. The expected demand and supply in the after-market continue to weaken, and it is difficult for the stainless steel market to pick up. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose steadily, the stock of aluminum ingots continued to decline and the spot discount narrowed. In November, some electrolytic aluminum enterprises in Sichuan planned to cut production due to losses exceeding expectations, which brought some support to the price of aluminum. In the final settlement cycle, most aluminum manufacturers purchase on demand, and some businesses expect that cost support may still help increase aluminum prices and increase the amount of materials prepared.
Zinc: Today, the price of zinc in Foshan market continues to rise, the asking price of goods holders is firm, the fear of heights of downstream materials manufacturers is aggravated, the purchasing enthusiasm is not high, and the overall market trading atmosphere is general. The supply status of raw materials supports the zinc price, and the spot flow is tight. There is still some room for the short-term zinc price to rise, but the main contract of SHFE zinc is 25800, which may have resistance.
Stainless Steel: Domestic SHFE nickel and stainless steel futures fluctuated slightly, the spot market continued to be in a downturn, financial factors plagued steel strip transactions, scrap trading was restricted by "reverse invoicing", and manufacturers in the industry collectively turned to a wait-and-see attitude, making it difficult for buyers to keep prices down and have low-priced goods to circulate. The expected demand and supply in the after-market continue to weaken, and it is difficult for the stainless steel market to pick up. (Analyzed by LTIT)
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