Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 13
2025-1-13
Copper: The spot copper price in Foshan market is stable today, and the strong upward trend of the US dollar index puts pressure on metal prices. Today, the US dollar index is still running above 109 points, or sprinting at 110 points in the short term. LME copper is under pressure to maintain a narrow range above 9100 dollars, and the increase of SHFE copper is therefore limited. The Chinese Lunar New Year holiday is approaching, and the recent holiday of factories and enterprises has entered the countdown. It has become the main task of factories and enterprises to withdraw funds and complete the settlement operation in January. The market expects domestic measures such as interest rate cuts and RRR cuts years ago, plus the implementation of reverse invoicing, which is good for electricity copper consumption and the continued low copper inventory is also good for the market. It is expected that short-term copper will be slightly repeated at 75,000 yuan and 9,000 US dollars. If the news is good, SHFE copper still has the possibility of sprinting 76,000 yuan.
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated intensively. With the approach of the Spring Festival holiday, the operating rate of downstream processing enterprises is gradually declining, which will put some pressure on the demand for aluminum. However, in the current off-season and holiday atmosphere at the end of the year, the aluminum ingot library continues to be greatly reduced, which provides strong support for the price of electrolytic aluminum, and the price of aluminum may continue to rise in the short term.
Zinc: Today, the price of zinc fluctuates upward, market participants are cautious again, cargo holders are willing to ship goods actively, and downstream manufacturers have obvious wait-and-see mood. Most of them are mainly based on inquiry, and manufacturers with rigid demand buy in small quantities, which weakens market transactions. Pre-zinc risks have been released, the overall emotional preference of non-ferrous metal varieties, and the demand for rigid stock preparation before the holiday have driven the support of spot, and the zinc market outlook is expected to continue to be bullish.
Stainless Steel: At the beginning of this week, metals rose across the board, and the macro-effect drove nickel and stainless steel to maintain a rebound trend together. The futures market kept rising, and the atmosphere of price increase spread in the spot market before the Spring Festival. Scrap manufacturers also took the opportunity to join in to enhance the trading activity, and the volume and price of goods in circulation rose. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated intensively. With the approach of the Spring Festival holiday, the operating rate of downstream processing enterprises is gradually declining, which will put some pressure on the demand for aluminum. However, in the current off-season and holiday atmosphere at the end of the year, the aluminum ingot library continues to be greatly reduced, which provides strong support for the price of electrolytic aluminum, and the price of aluminum may continue to rise in the short term.
Zinc: Today, the price of zinc fluctuates upward, market participants are cautious again, cargo holders are willing to ship goods actively, and downstream manufacturers have obvious wait-and-see mood. Most of them are mainly based on inquiry, and manufacturers with rigid demand buy in small quantities, which weakens market transactions. Pre-zinc risks have been released, the overall emotional preference of non-ferrous metal varieties, and the demand for rigid stock preparation before the holiday have driven the support of spot, and the zinc market outlook is expected to continue to be bullish.
Stainless Steel: At the beginning of this week, metals rose across the board, and the macro-effect drove nickel and stainless steel to maintain a rebound trend together. The futures market kept rising, and the atmosphere of price increase spread in the spot market before the Spring Festival. Scrap manufacturers also took the opportunity to join in to enhance the trading activity, and the volume and price of goods in circulation rose. (Analyzed by LTIT)
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