Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 10
2025-1-10
Copper: Today, the spot copper price in Foshan market continues to rise, and trading has improved. The policy is optimistic. SHFE copper rallied one after another this week, and the weekly increase has exceeded 3%, returning above 75,000 yuan, driving the spot copper price to rise in an all-round way. Recently, the Development and Reform Commission of China announced that it will expand the coverage of equipment renewal and consumption subsidies (that is, the "two new" policies), and the demand for metals is expected to improve; The social inventory of domestic electrolytic copper once again showed a sharp decline, and the Guangdong market went to the warehouse obviously, which supported the short-term copper price. At present, under the influence of many factors, such as low inventory, reverse invoices, and material preparation before the Spring Festival, most cargo holders in Guangdong market push up the premium for shipment, but copper manufacturers still mainly purchase on demand. At present, traders pay close attention to the material preparation of factories and enterprises before the Spring Festival.
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. Due to the lack of arrival in the middle of the week and the early stocking of downstream manufacturers on dips near the Spring Festival holiday, the social inventory of aluminum ingots in the domestic market exceeded expectations this week, which formed a strong support for short-term aluminum prices. Cargo holders have made profits from shipping, which has basically wiped out the premium of aluminum ingots in Guangdong market. Subsequent aluminum prices may fluctuate more, paying attention to the support of the 20,000 mark.
Zinc: Today, the price of zinc in Foshan market has rallied with the big market, the market supply is tight, the asking price of traders is firm, the enthusiasm of downstream manufacturers for stocking during the Spring Festival has increased, and the market trading atmosphere is better than that in the previous period. The risks in the early stage of zinc were released, the overall emotional preference of non-ferrous metal varieties, and the rigid demand for stock preparation before the holiday led to the support of the spot, and the price of zinc in the after-market stood firm and gradually picked up.
Stainless Steel: Luck turns around, and finally it's stainless steel's turn to rally. As the nickel market and stainless steel futures continued to rise, the spot market also ushered in improvement again. The volume and price of steel strip transactions rose together, and at the same time stimulated the enthusiasm of scrap to rise. Manufacturers in the industry saw the situation and raised the receiving price one after another. The atmosphere of preparing materials before the holiday followed, and the market took advantage of the trend. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market has risen sharply. Due to the lack of arrival in the middle of the week and the early stocking of downstream manufacturers on dips near the Spring Festival holiday, the social inventory of aluminum ingots in the domestic market exceeded expectations this week, which formed a strong support for short-term aluminum prices. Cargo holders have made profits from shipping, which has basically wiped out the premium of aluminum ingots in Guangdong market. Subsequent aluminum prices may fluctuate more, paying attention to the support of the 20,000 mark.
Zinc: Today, the price of zinc in Foshan market has rallied with the big market, the market supply is tight, the asking price of traders is firm, the enthusiasm of downstream manufacturers for stocking during the Spring Festival has increased, and the market trading atmosphere is better than that in the previous period. The risks in the early stage of zinc were released, the overall emotional preference of non-ferrous metal varieties, and the rigid demand for stock preparation before the holiday led to the support of the spot, and the price of zinc in the after-market stood firm and gradually picked up.
Stainless Steel: Luck turns around, and finally it's stainless steel's turn to rally. As the nickel market and stainless steel futures continued to rise, the spot market also ushered in improvement again. The volume and price of steel strip transactions rose together, and at the same time stimulated the enthusiasm of scrap to rise. Manufacturers in the industry saw the situation and raised the receiving price one after another. The atmosphere of preparing materials before the holiday followed, and the market took advantage of the trend. (Analyzed by LTIT)
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