Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 2
2025-1-2
Copper: The spot copper price in Foshan market continued to drop slightly today. After a new start in 2025, copper futures performed poorly. LME copper recovered from Tuesday's sharp drop, but it remained below $8,900, while SHFE copper continued to fall, and the first line of 73,000 yuan was facing a test. From a fundamental point of view, SHFE copper futures are currently in a neutral and weak situation, the spot market transactions are light, the demand at the end of the year shows a seasonal decline, and the expectation of inventory accumulation restricts the rally of copper prices. From a technical point of view, due to the unclear macro guidance and the sluggish performance of the spot market, SHFE copper is expected to maintain a weak shock pattern, and the spot copper price may have a downward trend. In the short term, we will continue to pay attention to the range of LME copper of 8500-9000 USD.
Aluminum: Today, the price of aluminum in Foshan market rose steadily. Before the Chinese New Year, spot consumption was weak, and the downstream was resistant to high-priced goods. Most traders had closed their accounts and reduced their purchases, and some even stopped working to sort out their inventory for a holiday, leaving the market deserted. Short-term aluminum prices still have low inventory and high cost support at the bottom, and still have rally potential, paying attention to the resistance of 20,000 yuan.
Zinc: On the first day after New Year's Day, the price of zinc was firm, and the overall price remained high and fluctuated. The market wait-and-see atmosphere remained unchanged. Traders' cautious mentality continued, basically maintaining the operation of selling and buying now. Downstream manufacturers were worried about the price of zinc in the after-market, mostly waiting and seeing, and their purchasing enthusiasm was not high. The overall market did not change much from that before the holiday.
Stainless Steel: New Year's stainless steel futures continued to decline, gradually moving away from the 13,000 mark. Spot steel belts kept their prices down, and the scrap market remained silent. The implementation of "reverse invoicing" in the new year was concerned. At present, the trading rules are not clear, and manufacturers in the industry are generally cautious and continue to take price reduction operations. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose steadily. Before the Chinese New Year, spot consumption was weak, and the downstream was resistant to high-priced goods. Most traders had closed their accounts and reduced their purchases, and some even stopped working to sort out their inventory for a holiday, leaving the market deserted. Short-term aluminum prices still have low inventory and high cost support at the bottom, and still have rally potential, paying attention to the resistance of 20,000 yuan.
Zinc: On the first day after New Year's Day, the price of zinc was firm, and the overall price remained high and fluctuated. The market wait-and-see atmosphere remained unchanged. Traders' cautious mentality continued, basically maintaining the operation of selling and buying now. Downstream manufacturers were worried about the price of zinc in the after-market, mostly waiting and seeing, and their purchasing enthusiasm was not high. The overall market did not change much from that before the holiday.
Stainless Steel: New Year's stainless steel futures continued to decline, gradually moving away from the 13,000 mark. Spot steel belts kept their prices down, and the scrap market remained silent. The implementation of "reverse invoicing" in the new year was concerned. At present, the trading rules are not clear, and manufacturers in the industry are generally cautious and continue to take price reduction operations. (Analyzed by LTIT)
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