Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 11
2025-2-10
Copper: Today, the spot copper price in Foshan market has slowed down, and market transactions have improved cautiously. Confidence in China's resumed market returned, and buyers actively entered the market to trade, which eased the trade tension and boosted the trend of copper prices. Last week, LME copper rose strongly, staged a "five-day continuous rise", hitting an intraday high of $9,530/ton. In the morning, SHFE copper rose slightly, but it still maintained a high operation. The main contract once hit a high of 77,950 yuan/ton. At present, the trading rhythm in the domestic market is steady, and with the support of the sentiment of seeing more funds, the sentiment of entering the market to do more is obviously warming up, further pushing up the copper price. Moreover, there is still rigid demand and stocking sentiment in the spot, which will give a certain boost to copper prices. As downstream enterprises resume work and production, trading expectations are further improved, and copper prices are expected to continue to rise.
Aluminum: Today, the aluminum price in Foshan market failed to continue its upward trend, with a slight decline, and the transaction was slightly cautious. At present, domestic aluminum enterprises have started work one after another, and the cumulative increase of aluminum ingot inventory during the Spring Festival has not caused obvious pressure on the post-holiday aluminum price. However, the current high spot level has suppressed the willingness of downstream traders to stock up, and the receiving of goods is on the sidelines and fearful of high price performance, so the trading volume is limited.
Zinc: Today, the upward trend of zinc price in Foshan has been suppressed, smelters and cargo holders are actively shipping, the overall market sentiment tends to be cautious, the transaction activity is blocked, the downstream is still mainly based on on-demand procurement, and the market transactions are mostly small orders. After the Spring Festival in China, the demand has increased and the market sentiment has continued to converge. It is expected that the price of zinc will continue to rise.
Stainless Steel: SHFE nickel and stainless steel futures both declined this week, which has limited impact on the spot market that is still recovering after the holiday. With the gradual return of trading popularity, the volume of steel strips slowly picked up. Scrap has been boosted by the increase in the purchase price of large steel mills, and the bargaining price of manufacturers who have resumed work in the industry has followed up, supporting the market to move forward steadily. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market failed to continue its upward trend, with a slight decline, and the transaction was slightly cautious. At present, domestic aluminum enterprises have started work one after another, and the cumulative increase of aluminum ingot inventory during the Spring Festival has not caused obvious pressure on the post-holiday aluminum price. However, the current high spot level has suppressed the willingness of downstream traders to stock up, and the receiving of goods is on the sidelines and fearful of high price performance, so the trading volume is limited.
Zinc: Today, the upward trend of zinc price in Foshan has been suppressed, smelters and cargo holders are actively shipping, the overall market sentiment tends to be cautious, the transaction activity is blocked, the downstream is still mainly based on on-demand procurement, and the market transactions are mostly small orders. After the Spring Festival in China, the demand has increased and the market sentiment has continued to converge. It is expected that the price of zinc will continue to rise.
Stainless Steel: SHFE nickel and stainless steel futures both declined this week, which has limited impact on the spot market that is still recovering after the holiday. With the gradual return of trading popularity, the volume of steel strips slowly picked up. Scrap has been boosted by the increase in the purchase price of large steel mills, and the bargaining price of manufacturers who have resumed work in the industry has followed up, supporting the market to move forward steadily. (Analyzed by LTIT)
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