Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 21
2025-1-21
Copper: Today, the spot copper price in Foshan market stopped falling and stabilized, and the price of SHFE copper changed little, and the market was cautious. Trump's inauguration did not mention tariffs, which caused the US dollar index to plummet and stimulated LME copper to rebound actively overnight. However, this morning, the low rebound of the US dollar index put pressure on the trend of copper prices. Fundamentally, the continuous decline in domestic copper concentrate processing fees implies tight supply and demand; Downstream factories and enterprises are not completely on holiday, and there is a demand for replenishment on dips, which constitutes a certain support for copper prices. However, as the Spring Festival holiday approaches, copper enterprises will have holidays one after another, and the demand expectation needs to be weakened, which will drag down the trend of copper prices. In the short term, there is still great uncertainty in the macro environment, and we still need to be alert to the fact that the moderate trade policy of the United States may bring about a rebound, and there may be safe-haven demand in the market.
Aluminum: Today, the price of aluminum in Foshan market rallied slightly, and SHFE aluminum remained above 20,000 yuan. Near the Spring Festival, domestic aluminum demand is light, the spot still maintains a discount pattern, and the market demand for stocking is not good, showing a weak demand in stages. However, at present, downstream factories and enterprises are not completely on holiday, and there are still some replenishment needs, which is helpful for the digestion of the spot market.
Zinc: SHFE zinc has slowed down, and the cargo holders are active in shipping. The purchasing intention of zinc manufacturers is still not strong, and most of them maintain on-demand procurement, so the market transaction activity is low. Near the Spring Festival holiday, the demand for downstream procurement declined significantly, and the demand for short-term funds was strong. After the continuous decline on the eve of superposition of SHFE zinc, it entered the stage of shock adjustment, and the increase of zinc price was limited.
Stainless Steel: After yesterday's decline in stainless steel futures, the spot market accelerated to enter the Spring Festival holiday, the preparation of waste manufacturers came to an end, most recycling sites began to have holidays, and the remaining closing payments and site cleaning work were at a low level. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rallied slightly, and SHFE aluminum remained above 20,000 yuan. Near the Spring Festival, domestic aluminum demand is light, the spot still maintains a discount pattern, and the market demand for stocking is not good, showing a weak demand in stages. However, at present, downstream factories and enterprises are not completely on holiday, and there are still some replenishment needs, which is helpful for the digestion of the spot market.
Zinc: SHFE zinc has slowed down, and the cargo holders are active in shipping. The purchasing intention of zinc manufacturers is still not strong, and most of them maintain on-demand procurement, so the market transaction activity is low. Near the Spring Festival holiday, the demand for downstream procurement declined significantly, and the demand for short-term funds was strong. After the continuous decline on the eve of superposition of SHFE zinc, it entered the stage of shock adjustment, and the increase of zinc price was limited.
Stainless Steel: After yesterday's decline in stainless steel futures, the spot market accelerated to enter the Spring Festival holiday, the preparation of waste manufacturers came to an end, most recycling sites began to have holidays, and the remaining closing payments and site cleaning work were at a low level. (Analyzed by LTIT)
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