Metal Scrap Performance in China
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Metal scraps performances in Foshan market on December 26
2024-12-26
Copper: The spot copper price in Foshan market continues to be stable today. Thanks to the positive macroeconomic news in China, most of the basic metals in SHFE rose. However, at present, the external market is still closed due to the Christmas holiday, and the overall trading volume of the market is light, and the increase of copper prices is limited. Due to the expected entry into 2025, there are many uncertain factors in the market, and copper manufacturers are cautious and have a strong wait-and-see mood, and the main task is to settle and recover the final payment. Recently, the reverse invoicing is expected to increase the tax by 2 points, which makes some regional businesses strongly depress the price. However, the high price of the holders hinders the trading of recycled copper market, and the inventory of electric copper continues to be low, which provides support to the market. Traders are concerned about whether the manufacturers will increase the preparation operation before the Spring Festival, and it is expected that LME copper will fluctuate around $9,000 in the short term.
Aluminum: Today, the aluminum price in Foshan market is stable, the stock of aluminum ingots continues to decline and the spot discount is narrowed. In November, some electrolytic aluminum enterprises in Sichuan plan to cut production due to losses exceeding expectations, which brings some support to the aluminum price. Entering the final settlement cycle, most aluminum manufacturers purchase on demand, and the main contract of the enterprise withdraws funds, and the market transaction volume is still limited.
Zinc: Today, the price of zinc in Foshan market is rising strongly, and traders are more cautious in receiving goods. Most of them make inquiries only after receiving orders, and the downstream manufacturers are mainly in stock before digesting, so the market transactions are weak.
Stainless Steel: Stainless steel futures fluctuated within a narrow range around the 13000 line. The spot closed at the end of the year and the transaction was in a downturn. The wind of "reverse invoicing" in the scrap market has revived, which has triggered a new round of doubts. Manufacturers in the industry have chosen hedging operations, generally receiving goods at low prices, and the transactions of low-priced goods are rare, and the overall situation is in a wait-and-see atmosphere. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, the stock of aluminum ingots continues to decline and the spot discount is narrowed. In November, some electrolytic aluminum enterprises in Sichuan plan to cut production due to losses exceeding expectations, which brings some support to the aluminum price. Entering the final settlement cycle, most aluminum manufacturers purchase on demand, and the main contract of the enterprise withdraws funds, and the market transaction volume is still limited.
Zinc: Today, the price of zinc in Foshan market is rising strongly, and traders are more cautious in receiving goods. Most of them make inquiries only after receiving orders, and the downstream manufacturers are mainly in stock before digesting, so the market transactions are weak.
Stainless Steel: Stainless steel futures fluctuated within a narrow range around the 13000 line. The spot closed at the end of the year and the transaction was in a downturn. The wind of "reverse invoicing" in the scrap market has revived, which has triggered a new round of doubts. Manufacturers in the industry have chosen hedging operations, generally receiving goods at low prices, and the transactions of low-priced goods are rare, and the overall situation is in a wait-and-see atmosphere. (Analyzed by LTIT)
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