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Metal scraps performances in Foshan market on January 17
2019-1-17

Copper:

Renewable copper price continues to rise slightly in Foshan market today. The Central Bank has issued a large amount of red envelopes before the holiday. After the overall reduction, it has set a record for reverse repurchase. The short-term market has seen some improvement in the capital. It is generally expected that another wave of red envelopes will be issued by the central bank in the later period. Market sentiment has improved significantly. Non-ferrous metals have staged a rebound. At present, copper is only one step away from the US $ 6,000 mark. With the approach of Spring Festival, many factories and enterprises have reported a sharp decrease in orders, and workers' holiday time is also expected to advance. They are more concerned about when to prepare materials. Recently, copper prices have picked up momentum, attracting many copper manufacturers and traders to actively enter the market to make inquiries and ask for goods. They intend to replenish their stocks at the current price. However, it is not easy to replenish their stocks at low prices due to the heavy mentality of dealers who are reluctant to sell.

 

Aluminum: Today, the price of aluminum in Foshan market continues to rise slightly. Although the increase is limited, it can boost market confidence. As the Spring Festival approaches, the demand in the aluminum market is obviously weakened, while some businesses intend to prepare suitable materials at the current low level, coinciding with the rebound in aluminum prices and a marked warming of the inquiry atmosphere. Short-term aluminum prices may continue to be supported by the demand for material preparation, and there is still room for growth.

 

Zinc: Today, the price of zinc in Foshan market continues to rise slightly. The situation of high premium is still maintained. Smelters keep actively shipping, but the high price of zinc and high premium further aggravate the wait-and-see atmosphere in the market. As the Spring Festival draws near, demand for zinc producers has obviously weakened, while producers still lack confidence in the short-term trend of zinc prices, fearing that there is still room for prices to fall, with a strong wait-and-see atmosphere.

 

Stainless steel: scrap stainless steel in Foshan market has been sold at a stable price today, and the recovery of nickel price has led to an improvement in the market trading atmosphere. Towards the end of the year, the demand of steel mills began to weaken, and the stainless steel scrap market entered the finishing stage. However, the recovery traders still had the demand for pre-holiday materials, and the receiving price was mainly stable. (Source: Lingtong Metal Information)

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