Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 18
2023-1-18
Copper: The copper price in Foshan market rose sharply today. After entering 2023, the trend of copper futures can be described as soaring and sweeping. This week, SHFE copper continued its upward trend and successfully broke through the 70,000 yuan mark, hitting a seven-month high of 70,120 yuan, with a cumulative increase of 5.8% year-to-date. LME copper futures hit a maximum of $9,308, the highest since June 2022. So far this month, copper prices have soared by more than 11%. The strength of SHFE and LME led the spot copper price to continue to rise sharply. At present, the industry is still bullish on the trend of copper prices in the afternoon, and the market sentiment is optimistic. Goldman Sachs once again reiterated its bullish future copper prices, and it is expected that copper prices will rise to 10,000 US dollars/ton in 2023. The pre-holiday surge is not conducive to spot material preparation, and the overall market is in a state of price and no market, and the transaction is weak.
Aluminum: Today, the aluminum price in Foshan market has further increased, and SHFE aluminum has maintained a strong position, which has brought support to the spot aluminum price. However, there is basically a price without a market under the stagnation of trading. Judging from the current situation, the aluminum price in this period is close to that in 1000 yuan, but it has not reached 19,000. Compared with other metals, the aluminum price is still moderate. It is expected that the aluminum price will have a chance to touch higher again after the year.
Zinc: Today, the price of zinc in Foshan market is stable, SHFE zinc is hovering at a high level in the short term, the market has entered a holiday mode in an all-round way, traders and downstream zinc manufacturers have been closed, and the market transactions are stagnant and the transactions are very deserted. The soaring copper price has boosted the price of zinc, and the domestic demand will be sluggish during the Spring Festival holiday, which makes it difficult to maintain short-term benefits. It is expected that there will be limited room for zinc to rise again.
Stainless Steel: With the approaching of the Lunar New Year, the enthusiasm of market participation has further declined, the futures market has changed slightly, and the overall spot has temporarily entered the stage of price and no market, and the market will smoothly transition to the Spring Festival. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market has further increased, and SHFE aluminum has maintained a strong position, which has brought support to the spot aluminum price. However, there is basically a price without a market under the stagnation of trading. Judging from the current situation, the aluminum price in this period is close to that in 1000 yuan, but it has not reached 19,000. Compared with other metals, the aluminum price is still moderate. It is expected that the aluminum price will have a chance to touch higher again after the year.
Zinc: Today, the price of zinc in Foshan market is stable, SHFE zinc is hovering at a high level in the short term, the market has entered a holiday mode in an all-round way, traders and downstream zinc manufacturers have been closed, and the market transactions are stagnant and the transactions are very deserted. The soaring copper price has boosted the price of zinc, and the domestic demand will be sluggish during the Spring Festival holiday, which makes it difficult to maintain short-term benefits. It is expected that there will be limited room for zinc to rise again.
Stainless Steel: With the approaching of the Lunar New Year, the enthusiasm of market participation has further declined, the futures market has changed slightly, and the overall spot has temporarily entered the stage of price and no market, and the market will smoothly transition to the Spring Festival. (Analyzed by LTIT)
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