Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 23
2021-11-23
Copper: Today, the recycled copper price in Foshan market continues to rebound. Low inventory and tight supply have become the focus of recent fund speculation on copper prices. SHFE copper has returned to above 71,000 yuan, LME copper has returned to above 9,700 dollars, and the market trading sentiment has heated up accordingly. Due to the sharp rebound of copper futures, the premium range of spot electrolytic copper has narrowed today, and some traders choose to wait and see cautiously. Traders said that at present, the copper price has returned to a higher price, and then the situation of high premium is superimposed, and the purchase cost and risk are undoubtedly double increasing, so the purchase will be relatively cautious, and they dare not rashly pursue the goods. The tight supply of recycled copper has not eased, but copper manufacturers basically buy at a reduced price when receiving the goods, and the holders are reluctant to sell, and the overall trading volume of the market is less.
Aluminum: Today, the price of aluminum in Foshan market has further increased. Compared with the copper and zinc market, the increase of aluminum market is relatively moderate. Under the condition of ordinary orders, aluminum manufacturers are very cautious in purchasing, and the overall market transactions are ordinary. Entering the year-end settlement cycle of returning funds to repay loans, the liquidity of funds is becoming increasingly tight, which may restrict the trend of aluminum prices in the market outlook. traders expect that there will still be pressure on the high 20,000 mark.
Zinc: Today, the price of zinc in Foshan market soared strongly, mainly due to the news that Glencore announced that the 100,000-ton zinc sulfide production line would stop production. At present, the goods holders are willing to ship goods actively, and the downstream manufacturers are obviously afraid of high prices and wait-and-see mood. Most of them are inquiry-based, and just-needed manufacturers only buy a small amount, which makes it difficult to increase the overall market transactions.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. LME nickel rose strongly through the $20,000 mark, driving the domestic SHFE period to continue to rise sharply. There is a sharp contrast between the rise of nickel and the fall of stainless steel, which is suppressed by the joint reduction of product quotation by steel mills. The market is always weak, and the scrap trade is more deadlocked. The buyers and sellers do not give way to each other, and the supply transaction is not smooth. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has further increased. Compared with the copper and zinc market, the increase of aluminum market is relatively moderate. Under the condition of ordinary orders, aluminum manufacturers are very cautious in purchasing, and the overall market transactions are ordinary. Entering the year-end settlement cycle of returning funds to repay loans, the liquidity of funds is becoming increasingly tight, which may restrict the trend of aluminum prices in the market outlook. traders expect that there will still be pressure on the high 20,000 mark.
Zinc: Today, the price of zinc in Foshan market soared strongly, mainly due to the news that Glencore announced that the 100,000-ton zinc sulfide production line would stop production. At present, the goods holders are willing to ship goods actively, and the downstream manufacturers are obviously afraid of high prices and wait-and-see mood. Most of them are inquiry-based, and just-needed manufacturers only buy a small amount, which makes it difficult to increase the overall market transactions.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. LME nickel rose strongly through the $20,000 mark, driving the domestic SHFE period to continue to rise sharply. There is a sharp contrast between the rise of nickel and the fall of stainless steel, which is suppressed by the joint reduction of product quotation by steel mills. The market is always weak, and the scrap trade is more deadlocked. The buyers and sellers do not give way to each other, and the supply transaction is not smooth. (Analyzed by LTIT)
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