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| Metal scraps performances in Foshan market on November 25 |
| 2024-11-25 |
Copper: The spot copper price in Foshan market rose slightly today. The fall of the high dollar index brought respite to the metal market. LME copper ended its three-day losing streak and the price returned to above $9,000. However, judging from the short-term trend of copper prices, the price rebound was still weak. Under the influence of Trump's policy, the strong US economy and the market's expectation of the Federal Reserve's monetary policy, the upward trend of the US dollar has been going on for a long time, and short-term profit-taking is also normal. However, the traders generally believe that the strength of the US dollar is still not over, and it will still put pressure on the price of basic metals in the short term, and copper prices may continue to fluctuate in the range. At the end of the fourth quarter, copper manufacturers paid more attention to the safety of funds. Under the extreme compression of the price difference between fine and waste, manufacturers depressed the price of waste copper.
Aluminum: The price of aluminum in Foshan market rose slightly today. At present, the aluminum market is in the off-season, the downstream demand is weak, the market transaction is quiet, and the pace of receiving goods by traders is still slow, mainly focusing on discount purchase opportunities, and the response to other price changes is dull. Despite this, some downstream enterprises are still replenishing goods on dips to meet the demand of production and export orders, but the overall transaction situation is not good.
Zinc: The rising strength of zinc has slowed down, traders' shipping mentality is more positive, and the purchasing enthusiasm of downstream manufacturers is obviously insufficient. Most manufacturers still maintain a cautious wait-and-see attitude and purchase in small quantities, and most of the transactions are mainly between traders. Some smelters in Inner Mongolia, Gansu and other places have been overhauled and reduced production. In October, the sluggish real estate data dragged down consumption, and zinc remained volatile.
Stainless Steel: LME nickel saw another US$ 16,000, SHFE nickel and stainless steel futures rose, the spot market offered profits and promotions to encourage transactions, the cost support of raw materials nickel and iron decreased significantly, the confidence in the waste industry was insufficient, and manufacturers and buyers maintained a low price attitude. Short-term affected by macro market sentiment, the stainless steel market remained volatile, but the fundamental weakness remained negative. (Analyzed by LTIT)
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2024-12-19
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Item |
SHFE |
Change |
Cu |
84557 |
-13199 |
Al |
214501 |
-9875 |
Zn |
50666 |
-2317 |
Item |
LME |
Change |
Cu |
272325 |
+0 |
Al |
665025 |
-2500 |
Zn |
257525 |
-2875 |
Ni |
161238 |
+318 |
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2023-5-15 |
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1 USD= |
6.7021 |
Inverse: |
0.14921 |
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1 EUR= |
7.8800 |
Inverse: |
0.12690 |
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1 GBP= |
8.6373 |
Inverse: |
0.11578 |
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1 AUD= |
5.2589 |
Inverse: |
0.19015 |
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