Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 19
2023-1-19
Copper: the pre-holiday copper carnival continued, and LME copper soared to $9,550 overnight. So far this month, LME copper has soared by more than 14%; SHFE copper night trading rose to 71,500 yuan/ton, with a cumulative increase of 7.9% year-to-date. At present, the price of copper futures has dropped from a high level, but it still remains at a high level. 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. At present, the domestic market is in a quiet period of consumption, and the attention is low. Enterprises basically wait for the firm offer after the opening of the market in the spring of next year, and it is expected that the price will be vulnerable to profit pressure due to the lack of consumption in China during the holidays.
Aluminum: SHFE aluminum still maintains a strong position, which supports the continuous rise of spot aluminum prices, but there is basically a price but no market under the stagnation of trading. Judging from the current situation, SHFE aluminum has successfully exceeded 19,000 yuan, but the early rise of aluminum prices before the holiday may have some pressure on the opening after the holiday. It is expected that aluminum prices will rise to 18,500-19,500 or below the 20,000 mark.
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. Based on the consideration of copper and zinc linkage, the current copper price remains at a high level, which may support the short-term zinc price, but the demand is weak or weakens the increase, and the room for growth may be limited.
Stainless Steel: On the eve of the Spring Festival, the nickel market started to rise, and LME nickel rose by more than 1,000 dollars, which stimulated domestic SHFE nickel to strengthen again, reaching a maximum of 215,500 yuan/ton, which increased confidence in the post-holiday stainless steel market, and expected to remain strong and optimistic to accompany people in the industry to celebrate the Spring Festival. (Analyzed by LTIT)
Aluminum: SHFE aluminum still maintains a strong position, which supports the continuous rise of spot aluminum prices, but there is basically a price but no market under the stagnation of trading. Judging from the current situation, SHFE aluminum has successfully exceeded 19,000 yuan, but the early rise of aluminum prices before the holiday may have some pressure on the opening after the holiday. It is expected that aluminum prices will rise to 18,500-19,500 or below the 20,000 mark.
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. Based on the consideration of copper and zinc linkage, the current copper price remains at a high level, which may support the short-term zinc price, but the demand is weak or weakens the increase, and the room for growth may be limited.
Stainless Steel: On the eve of the Spring Festival, the nickel market started to rise, and LME nickel rose by more than 1,000 dollars, which stimulated domestic SHFE nickel to strengthen again, reaching a maximum of 215,500 yuan/ton, which increased confidence in the post-holiday stainless steel market, and expected to remain strong and optimistic to accompany people in the industry to celebrate the Spring Festival. (Analyzed by LTIT)
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