Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 24
2021-11-24
Copper: Today, the recycled copper price in Foshan market has dropped, and the decline of electrolytic copper is relatively larger. Recently, the fund hyped the low inventory in the copper market, which stimulated the copper price to rebound one after another. However, under the environment of rising water and the arrival of the annual settlement cycle, most copper manufacturers mainly wait and see or accept goods at a lower price. In addition, they think that the current fundamentals of the copper market are still weak except for the low inventory, and there is a risk of profit-taking after the continuous rebound of the copper price, so they are more cautious in purchasing, thus limiting the market transaction volume. 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. For the short-term market situation, traders believe that the range fluctuation will be the main trend.
Aluminum: Today, the price of aluminum in Foshan market has declined slightly, and aluminum manufacturers are cautious in purchasing. Due to the continuous rebound in the early stage, aluminum manufacturers have increased their risk aversion awareness, and manufacturers seldom increase their purchases except for settlement demand. In addition, more manufacturers reflect that new orders are too small and enter the repayment period of the year-end settlement funds, so they are more cautious in purchasing, and the price keeps fluctuating within a range.
Zinc: Today, the price of zinc in Foshan market has dropped one after another. Traders are extremely cautious when receiving goods. Most of them ask for goods only after receiving orders. Downstream manufacturers are more concerned about the future trend of zinc prices. They mostly wait and see, their purchasing enthusiasm is not high, and their transactions are average. Concerns about supply-side tightening continue to support, coexisting with domestic production reduction, and zinc price is expected to return to rational shock and fall.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Nickel and stainless steel futures rose, market confidence improved significantly, and steel mills raised the purchase price, and manufacturers in the waste industry became more active in operation, and buyers continued to take advantage of the situation to explore slightly to promote supply transactions. Considering the gradual reduction of stainless steel production profit, it is estimated that the rising space of waste is limited. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has declined slightly, and aluminum manufacturers are cautious in purchasing. Due to the continuous rebound in the early stage, aluminum manufacturers have increased their risk aversion awareness, and manufacturers seldom increase their purchases except for settlement demand. In addition, more manufacturers reflect that new orders are too small and enter the repayment period of the year-end settlement funds, so they are more cautious in purchasing, and the price keeps fluctuating within a range.
Zinc: Today, the price of zinc in Foshan market has dropped one after another. Traders are extremely cautious when receiving goods. Most of them ask for goods only after receiving orders. Downstream manufacturers are more concerned about the future trend of zinc prices. They mostly wait and see, their purchasing enthusiasm is not high, and their transactions are average. Concerns about supply-side tightening continue to support, coexisting with domestic production reduction, and zinc price is expected to return to rational shock and fall.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Nickel and stainless steel futures rose, market confidence improved significantly, and steel mills raised the purchase price, and manufacturers in the waste industry became more active in operation, and buyers continued to take advantage of the situation to explore slightly to promote supply transactions. Considering the gradual reduction of stainless steel production profit, it is estimated that the rising space of waste is limited. (Analyzed by LTIT)
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