Metal Scrap Performance in China
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Metal scraps performances in Foshan market on July 7
2025-7-7
Copper: Today, the copper price in Foshan market continued to fall, and the short-term trend fluctuated weakly. The high callback market has not yet ended, and the market caution has warmed up. At present, LME copper remained in a narrow range below $9,900, and the main contract of SHFE copper continued to pull back, hitting an intraday low of 79,400 yuan. The reason is that the market is worried about the US trade negotiations and the uncertainty of potential tariffs before Trump's July 9 deadline. After the non-agricultural data, the interest rate cut is expected to fall, and the reciprocal tariffs are approaching. The market may have the logic of lightening positions and hedging, and the copper price has been adjusted. If the overall macro risk appetite continues to decline, the center of gravity of copper prices may continue to move down slightly. However, in the case that the macro level is not worse than expected, it is expected that the copper price will not fall sharply, and the shock is still the main tone.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the market trading sentiment is cautious. The off-season is coming to curb traditional consumption, and the real estate is weak and difficult to solve; Excess alumina is expected to aggravate the risk of loosening the cost end of electrolytic aluminum, while the low inventory of aluminum ingots and the increasing domestic policy of steady growth jointly constitute the bottom toughness of SHFE aluminum. It is expected that SHFE aluminum will maintain range volatility in the short term.
Zinc: Traders are more cautious in receiving goods when zinc prices fall, and basically maintain low inventory operations. They only make inquiries after receiving orders. Downstream manufacturers are worried about the price of zinc in the after-market, and they mostly wait and see, purchase in small quantities with rigid demand, and the transaction is dull. The market demand is still weak, the tariff risk in the United States is increasing, and the game between low zinc inventory and weak demand is expected. It is expected that the short-term zinc price will fluctuate and run weakly.
Stainless Steel: SHFE nickel and stainless steel futures both turned around this week, and the spot market has returned to a cautious wait-and-see atmosphere. Due to the limitation of production costs, steel mills generally follow the decline and do not follow the rise, and scrap industry transactions passively follow the downward pressure. Fundamentals are still in a state of oversupply, and traders continue to pay attention to the actual production reduction efforts of steel mills in the after-market. (for reference only)
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and the market trading sentiment is cautious. The off-season is coming to curb traditional consumption, and the real estate is weak and difficult to solve; Excess alumina is expected to aggravate the risk of loosening the cost end of electrolytic aluminum, while the low inventory of aluminum ingots and the increasing domestic policy of steady growth jointly constitute the bottom toughness of SHFE aluminum. It is expected that SHFE aluminum will maintain range volatility in the short term.
Zinc: Traders are more cautious in receiving goods when zinc prices fall, and basically maintain low inventory operations. They only make inquiries after receiving orders. Downstream manufacturers are worried about the price of zinc in the after-market, and they mostly wait and see, purchase in small quantities with rigid demand, and the transaction is dull. The market demand is still weak, the tariff risk in the United States is increasing, and the game between low zinc inventory and weak demand is expected. It is expected that the short-term zinc price will fluctuate and run weakly.
Stainless Steel: SHFE nickel and stainless steel futures both turned around this week, and the spot market has returned to a cautious wait-and-see atmosphere. Due to the limitation of production costs, steel mills generally follow the decline and do not follow the rise, and scrap industry transactions passively follow the downward pressure. Fundamentals are still in a state of oversupply, and traders continue to pay attention to the actual production reduction efforts of steel mills in the after-market. (for reference only)
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