Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 8
2025-1-8
Copper: Today, the spot copper price in Foshan market is stable, and the market transactions are lacking. The short-term softening of the US dollar index eased some pressure on the copper market, and copper prices rebounded slightly. LME copper is currently hovering around $9,000, while SHFE copper fluctuates in a narrow range above $74,000. Traders are worried that short-term copper prices will easily make short-term profits due to the influence of news, especially in the seasonal off-season when demand is weak, and the purchase mentality is more cautious and the transaction is relatively deadlocked, which limits the increase of short-term copper prices to some extent. With the approach of the Spring Festival holiday, the trading atmosphere in the market may be more cautious, and investors should pay close attention to the market dynamics and changes in relevant policies.
Aluminum: Today, the aluminum price in Foshan market fluctuated weakly, and the high alumina price callback suppressed the domestic aluminum price. As the Spring Festival is approaching, most enterprises choose to reduce production and recover the payment. The traders expect that the aluminum price will be under pressure in January, and the price center of gravity will be moved down in a narrow range. As for whether aluminum enterprises prepare materials before the holiday, traders need to pay more attention to the international market.
Zinc: The zinc market continued to be weak, the cargo holders were not willing to ship goods, and the market shipments decreased. Traders made appropriate replenishment, and downstream materials manufacturers kept purchasing goods according to orders. Some manufacturers intended to purchase stocks on dips, and the market trading enthusiasm rebounded. Market demand declined seasonally, and the US dollar continued to be strong. It is expected that zinc will remain under pressure in the short term.
Stainless Steel: The price of nickel rallied from a low level, and the risk at the bottom of the range was released recently. It is expected that there will be room for further rebound in the after-market. Stainless steel futures rose while the spot fell, steel belts were generally preferential for fine-tuning shipments, the scrap market was light, manufacturers in the industry were not active in purchasing, and they held goods at low prices and were reluctant to sell, resulting in a stalemate between buyers and sellers. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market fluctuated weakly, and the high alumina price callback suppressed the domestic aluminum price. As the Spring Festival is approaching, most enterprises choose to reduce production and recover the payment. The traders expect that the aluminum price will be under pressure in January, and the price center of gravity will be moved down in a narrow range. As for whether aluminum enterprises prepare materials before the holiday, traders need to pay more attention to the international market.
Zinc: The zinc market continued to be weak, the cargo holders were not willing to ship goods, and the market shipments decreased. Traders made appropriate replenishment, and downstream materials manufacturers kept purchasing goods according to orders. Some manufacturers intended to purchase stocks on dips, and the market trading enthusiasm rebounded. Market demand declined seasonally, and the US dollar continued to be strong. It is expected that zinc will remain under pressure in the short term.
Stainless Steel: The price of nickel rallied from a low level, and the risk at the bottom of the range was released recently. It is expected that there will be room for further rebound in the after-market. Stainless steel futures rose while the spot fell, steel belts were generally preferential for fine-tuning shipments, the scrap market was light, manufacturers in the industry were not active in purchasing, and they held goods at low prices and were reluctant to sell, resulting in a stalemate between buyers and sellers. (Analyzed by LTIT)
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