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Metal scraps performances in Foshan market on January 17
2023-1-17
Copper: Today, the copper price in Foshan market fell slightly, and the fall of copper futures brought pressure to the spot copper market, and the price was adjusted back, making the market trading mood more cautious. In the last trading week before the Spring Festival, the trend of copper futures gradually became rational after several days of sharp rise. As the focus of the market turned to weak demand, especially the demand of China, the largest consumer country, the rising dollar also aggravated the bearish sentiment. However, overall, copper prices are still high, LME copper still fluctuates within a narrow range above $9,000, and SHFE copper remains above $68,500. At present, the market transactions are all stagnant and quiet, and the price trend in the next few days is mainly influenced by data and news, and the post-holiday transactions depend on the range.

Aluminum: Today, the price of aluminum in Foshan market rose slightly, and SHFE aluminum maintained a strong position, which brought support to the spot aluminum price, but there was basically price without market under the stagnation of trading. According to the analysis, from the last few trading days before the festival, if the aluminum price is maintained within the range of 19,000, the trading opened after the festival will be suppressed, and aluminum companies will digest the pre-holiday materials and wait and see.

Zinc: Today, the price of zinc in Foshan market has dropped slightly, and the festive atmosphere is obvious. Traders and downstream zinc manufacturers are basically on holiday, and the orders are priced according to the quotation after the holiday, so the market transaction is very deserted.

Stainless Steel: SHFE nickel and stainless steel futures are still fluctuating between ups and downs. As the Lunar New Year approaches, the overall trading in the spot market of stainless steel has basically stagnated, and the market continues to be stable. (Analyzed by LTIT)

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