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Metal scraps performances in Foshan market on November 25
2021-11-25
Copper: Today, the recycled copper price in Foshan market rebounded again, and the market sentiment improved. Indonesia's news that it plans to stop the export of raw materials for all bulk commodities is supported by the continued low copper inventory. LME copper rose continuously for five days, reaching the highest level of 9,880 USD overnight, and SHFE copper rebounded to break through the 72,000-yuan mark, driving the spot copper price to rise. However, recently, the premium of electrolytic copper has been greatly narrowed, and the copper price has been continuously rising sharply, which has suppressed the purchasing intention of copper manufacturers and reduced the trading volume. At present, copper manufacturers generally reflect that near the end of the year's capital settlement cycle, the tight capital combined with the high operation of copper price has suppressed the order volume. At present, there are few new orders, most of which are in the process of completing old orders, and in the face of high cost, material procurement will slow down.
Aluminum: Today, the aluminum price in Foshan market has rebounded sharply. The news that Indonesia may stop exporting bauxite in 2022 attracts more funds to do more aluminum market. The aluminum in SHFE period maintains a good resistance to falling above 19,000. However, due to the annual settlement period and the increase of orders from factories and enterprises, it is cautious in purchasing operation, and the overall market transaction is soft.
Zinc: Today, the zinc price in Foshan market stopped falling and rebounded. The Indonesian president reiterated his plan to stop the export of all bulk commodities and raw materials. The zinc price rebounded within a narrow range, and the merchants were cautious, basically purchasing by order. The zinc price changed little, which was in a dilemma of rising and falling, affecting the purchasing mentality of manufacturers, basically maintaining the purchasing on demand, and the overall market transaction was dull.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Driven by the skyrocketing nickel price for several days, the stainless steel market finally reversed the decline, and the spot price successfully stopped falling and opened the atmosphere of price increase trading. Scrap stainless steel market takes advantage of the trend, large steel mills continuously raise the procurement guidance price, and manufacturers in the industry actively enter the market to follow up with the increase of receiving goods. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has rebounded sharply. The news that Indonesia may stop exporting bauxite in 2022 attracts more funds to do more aluminum market. The aluminum in SHFE period maintains a good resistance to falling above 19,000. However, due to the annual settlement period and the increase of orders from factories and enterprises, it is cautious in purchasing operation, and the overall market transaction is soft.
Zinc: Today, the zinc price in Foshan market stopped falling and rebounded. The Indonesian president reiterated his plan to stop the export of all bulk commodities and raw materials. The zinc price rebounded within a narrow range, and the merchants were cautious, basically purchasing by order. The zinc price changed little, which was in a dilemma of rising and falling, affecting the purchasing mentality of manufacturers, basically maintaining the purchasing on demand, and the overall market transaction was dull.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Driven by the skyrocketing nickel price for several days, the stainless steel market finally reversed the decline, and the spot price successfully stopped falling and opened the atmosphere of price increase trading. Scrap stainless steel market takes advantage of the trend, large steel mills continuously raise the procurement guidance price, and manufacturers in the industry actively enter the market to follow up with the increase of receiving goods. (Analyzed by LTIT)
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