Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 14
2025-1-14
Copper: The spot copper price in Foshan market dropped slightly today, and the trading sentiment in the market continued to be cautious. The strong surge of the US dollar index constantly put pressure on the non-ferrous metal market, but the improvement in demand in China eased some of the pressure. China's copper imports hit a 13-month high in December, and Shanghai Yangshan's copper premium has risen to $73 per ton since the beginning of November, with an increase of 70%, all of which show that China's industrial metal demand is picking up, sending a signal to the market that China's metal demand prospects are improving, which is good for copper prices. At the same time, China’s government reiterated that a more active fiscal policy will be launched in 2025, and good news will continue to be released. It is expected that the overall operation of the metal market will tend to be strong. However, the enthusiasm for replenishment before the downstream holiday has gradually cooled down, and inventory may face cumulative pressure.
Aluminum: Today, the aluminum price in Foshan market is stable, and the price increase is suspended. At present, the supply and demand pattern of aluminum is relatively stable, the supply side remains stable, the production capacity of electrolytic aluminum increases and decreases in parallel, and the stock of aluminum ingots continues to decline. It is expected that SHFE aluminum will show a strong fluctuation in the day. However, considering that the year is approaching, the consumption demand in the aluminum market tends to cool down, which may inhibit the upward space of aluminum prices.
Zinc: The trend of SHFE zinc is firm, and the delivery is close to the spot premium. Traders' shipping mentality is dominant, and the purchasing enthusiasm of downstream manufacturers is obviously insufficient. Most manufacturers remain cautious, and most transactions are mainly between traders, and the market transactions have not changed much.
Stainless Steel: LME nickel rose sharply, approaching the $16,000 mark in intraday trading, and the performance of seven consecutive rises was eye-catching. The rebound of nickel price revived the supporting factors of stainless steel raw material cost, the spot market seized the opportunity to increase, the scrap industry started the rhythm of preparing materials before the year, and the bargaining price continued to rise. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the price increase is suspended. At present, the supply and demand pattern of aluminum is relatively stable, the supply side remains stable, the production capacity of electrolytic aluminum increases and decreases in parallel, and the stock of aluminum ingots continues to decline. It is expected that SHFE aluminum will show a strong fluctuation in the day. However, considering that the year is approaching, the consumption demand in the aluminum market tends to cool down, which may inhibit the upward space of aluminum prices.
Zinc: The trend of SHFE zinc is firm, and the delivery is close to the spot premium. Traders' shipping mentality is dominant, and the purchasing enthusiasm of downstream manufacturers is obviously insufficient. Most manufacturers remain cautious, and most transactions are mainly between traders, and the market transactions have not changed much.
Stainless Steel: LME nickel rose sharply, approaching the $16,000 mark in intraday trading, and the performance of seven consecutive rises was eye-catching. The rebound of nickel price revived the supporting factors of stainless steel raw material cost, the spot market seized the opportunity to increase, the scrap industry started the rhythm of preparing materials before the year, and the bargaining price continued to rise. (Analyzed by LTIT)
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