Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 16
2025-1-16
Copper: The spot copper price in Foshan market stopped falling and rebounded in an all-round way today, but trading remained cautious. The core inflation in the United States is weak, the easing cycle is expected to heat up, and the US dollar index and US debt both fall, which supports the price of industrial metals and improves the demand prospect of metals. The copper futures in SHFE and LME markets rose, and the main contract of SHFE copper rose above 76,000 yuan, driving the spot copper price to rise. However, with the approach of the spring holiday, downstream factories and enterprises have stopped production for holidays one after another, and their desire to purchase raw materials has dropped significantly, and they are still cautious and wait-and-see. Although the current consumer demand in the copper market has slowed down, the domestic copper inventory has unexpectedly declined, the terminal market has maintained a moderate growth, the rigid demand in spot copper has been stable, and the spot premium has maintained a premium state, which continues to provide support for copper prices.
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded, and the continuous sharp drop in alumina price did not cause destructive damage to the aluminum ingot price. SHFE aluminum still fluctuated above 20,000 yuan. With the approach of the Spring Festival holiday, aluminum manufacturers have entered a state of holiday one after another, and they are still cautious and wait-and-see in raw material procurement. Whether to increase their positions for the New Year still depends on subsequent policies and US tariffs.
Zinc: The price of zinc has fallen sharply, and downstream zinc manufacturers have been on holiday one after another. In the case of dull market demand, the enthusiasm of risk release traders for stocking before the holiday has increased, but manufacturers' procurement is still on the sidelines, and the overall market transaction is dull. Near the Spring Festival holiday, some smelters have a holiday ahead of schedule, so the overall production enthusiasm is not high, the capacity recovery is slow, and the zinc ingot inventory is expected to decline.
Stainless Steel: The rally of nickel price is blocked, the rise of stainless steel futures is weak, the atmosphere of price increase in the spot market is gradually fading, the steel strip transaction is light, and the waste industry is preparing materials step by step. The manufacturers have no intention to push up the holding of goods, and the general receipt is mainly based on stable prices. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market stopped falling and rebounded, and the continuous sharp drop in alumina price did not cause destructive damage to the aluminum ingot price. SHFE aluminum still fluctuated above 20,000 yuan. With the approach of the Spring Festival holiday, aluminum manufacturers have entered a state of holiday one after another, and they are still cautious and wait-and-see in raw material procurement. Whether to increase their positions for the New Year still depends on subsequent policies and US tariffs.
Zinc: The price of zinc has fallen sharply, and downstream zinc manufacturers have been on holiday one after another. In the case of dull market demand, the enthusiasm of risk release traders for stocking before the holiday has increased, but manufacturers' procurement is still on the sidelines, and the overall market transaction is dull. Near the Spring Festival holiday, some smelters have a holiday ahead of schedule, so the overall production enthusiasm is not high, the capacity recovery is slow, and the zinc ingot inventory is expected to decline.
Stainless Steel: The rally of nickel price is blocked, the rise of stainless steel futures is weak, the atmosphere of price increase in the spot market is gradually fading, the steel strip transaction is light, and the waste industry is preparing materials step by step. The manufacturers have no intention to push up the holding of goods, and the general receipt is mainly based on stable prices. (Analyzed by LTIT)
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