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Metal scraps performances in Foshan market on February 12
2019-2-12

Copper:

The price of recycled copper in Foshan today has not changed much. The trend of it is relatively flat after the festival which has not been seen yet. The spot copper market is still in the atmosphere of the Spring Festival, traders are less interested and more careful to wait and see. Downstream production has not yet resumed and the procurement of market is light. The market is focused on further progress in the China-US trade talks. With the resumption of trade talks between the two countries on Monday, China expressed optimism, but also anger over the US Navy's mission in the disputed South China Sea, which casts a shadow over the prospects for improved China-US relations. It is skeptical for investors that a trade agreement between the first and second economies in the world can be made. The deadline for deciding whether to raise tariffs is expected to be extended by them on 1st, March.

 

Aluminum:

The price of Aluminum in Foshan today is stable, and the trading of spot aluminum market is still in a state of holiday. With the seasonal inventory accumulation of spot aluminum during the Spring Festival, the main domestic consumption of aluminum ingots inventory is a total of 1.562 million tons which is 184,000 tons more than before the festival. With the cost of electrolytic aluminum facing downward and the light background in the supply and demand, the recent accumulation of inventory should be focused on and the rebound above the space of short-term price of aluminum is limited.

 

Zinc

The price of Zinc in Foshan today dropped further, and the successive declines after the festival had a greater impact on the market trading mentality. However, the overall impact is expected to be limited due to the small size of the reserve before the festival. The industry is not pessimistic about the post-holiday market that enterprises will start construction after the Spring Festival holiday, which means the downstream of zinc market will usher in the seasonal start season, demand is expected to pick up, or good zinc prices.

 

Stainless steel:

The price of scrap stainless steel in Foshan today has regained their decline, mainly due to the impact of nickel callback in Shanghai. While the production of domestic stainless steel decreased during the Spring Festival, the downstream is still in the “Vacuum period” of consumption, it is a high probability of inventory increases seasonally. The import pressure of stainless steel in Indonesia may increase in the later period, and the pressure of stainless steel midline is still large. (Source: Lingtong Metal Information)

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