Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 17
2025-1-17
Copper: The spot copper price in Foshan market rebounded further today, and the overall trend was strong this week, but the actual trading in the market was still cautious. With the approach of the Spring Festival holiday and the influence of seasonal demand off-season, downstream copper producers are obviously cautious in purchasing, especially after the copper price rebounds one after another, the market wait-and-see mentality is even stronger, and most of them purchase on a monthly basis, and the transaction is blocked. At present, the bullish confidence of spot copper market is insufficient, the trend of premium continues to be weak, and the premium of electrolytic copper in Guangdong Province is wiped out across the board, showing a small discount. Despite this, the holders still choose to ship at a very high price, and the transaction is deadlocked. Although the market is still optimistic about the economic stimulus policy, the risk control during the Spring Festival may lead to short-term profits, and the room for copper prices to rise may be limited.
Aluminum: Today, the price of aluminum in Foshan market is rising further, and the overall trend is strong this week, completely ignoring the declining price of alumina. At present, more aluminum factories and enterprises have started the holiday mode, and the market demand has obviously weakened. However, the monthly demand still partially promotes consumption, and the mentality of preparing materials depends on the aluminum price situation in this short period of years ago.
Zinc: After the delivery, SHFE zinc stopped falling, the spot zinc price remained stable, and the traders' enthusiasm for stocking before the holiday was improved. As the Spring Festival approached, the materials manufacturers were on holiday one after another, and the market demand was weak. Most of the transactions were mainly between traders. China's GDP in the fourth quarter was 5.4% per annum, which exceeded expectations. Macro-emotions and policies were pre-exerted, and there was limited room for zinc prices to fall again.
Stainless Steel: LME nickel further pushed the $16,000 mark, and domestic stainless steel futures continued to sprint upward after a short break. However, it is difficult to arouse the rising sentiment of the spot market as the Spring Festival approaches. Scrap manufacturers maintain a stable price receiving attitude, and the circulation of goods decreased significantly with the departure of popularity. It is expected that the overall price will enter a stable cycle before the Spring Festival. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market is rising further, and the overall trend is strong this week, completely ignoring the declining price of alumina. At present, more aluminum factories and enterprises have started the holiday mode, and the market demand has obviously weakened. However, the monthly demand still partially promotes consumption, and the mentality of preparing materials depends on the aluminum price situation in this short period of years ago.
Zinc: After the delivery, SHFE zinc stopped falling, the spot zinc price remained stable, and the traders' enthusiasm for stocking before the holiday was improved. As the Spring Festival approached, the materials manufacturers were on holiday one after another, and the market demand was weak. Most of the transactions were mainly between traders. China's GDP in the fourth quarter was 5.4% per annum, which exceeded expectations. Macro-emotions and policies were pre-exerted, and there was limited room for zinc prices to fall again.
Stainless Steel: LME nickel further pushed the $16,000 mark, and domestic stainless steel futures continued to sprint upward after a short break. However, it is difficult to arouse the rising sentiment of the spot market as the Spring Festival approaches. Scrap manufacturers maintain a stable price receiving attitude, and the circulation of goods decreased significantly with the departure of popularity. It is expected that the overall price will enter a stable cycle before the Spring Festival. (Analyzed by LTIT)
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