Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 23
2025-1-23
Copper: The spot copper price in Foshan market continued to fall today, and the trend fluctuated weakly this week. In the morning, the main contract of SHFE copper once fell below 75,000 yuan, which put pressure on the spot copper price. Some traders said that investors are trying to cope with the unpredictability of US tariff policy, and the imminent threat of retaliatory trade conflicts may seriously undermine market sentiment. Therefore, under the continuous influence of the uncertainty of American tariff policy, the trend of fundamental metals is mostly weak, and the focus of copper futures trading has moved down. With the approach of the Spring Festival holiday, the spot copper market in the domestic market is becoming more and more cautious, and the phenomenon of factory and enterprise shutdown and holiday is more common, and the market demand is obviously shrinking. At present, the inventory of electrolytic copper in the domestic market has increased.
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and market transactions tend to be cautious. This week, SHFE aluminum continued to fluctuate and fall, and the focus of trading moved down, but it still remained above 20,000 yuan. Near the Spring Festival, domestic aluminum demand is light, the spot still maintains a discount pattern, the market demand for stocking is not good, and the current aluminum inventory is constantly accumulating, which puts pressure on short-term aluminum prices.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the festive atmosphere in the market is obvious. Traders and downstream zinc manufacturers are on holiday, and the market transaction is very deserted. The recent trend of SHFE zinc is mainly dominated by internal and external macro-mood fluctuations, overseas Trump worries continue, domestic post-holiday consumption recovery worries increase, SHFE zinc lacks upward motivation, and short-term spot zinc prices may continue to fall.
Stainless Steel: LME nickel continued to fall, and SHFE nickel and stainless steel futures fell. With the growing atmosphere of the Spring Festival, the spot market transactions further weakened, and most manufacturers in the waste industry had a holiday, and the market opened a "valuable but no market" mode. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to fall, and market transactions tend to be cautious. This week, SHFE aluminum continued to fluctuate and fall, and the focus of trading moved down, but it still remained above 20,000 yuan. Near the Spring Festival, domestic aluminum demand is light, the spot still maintains a discount pattern, the market demand for stocking is not good, and the current aluminum inventory is constantly accumulating, which puts pressure on short-term aluminum prices.
Zinc: Today, the price of zinc in Foshan market has fallen sharply, and the festive atmosphere in the market is obvious. Traders and downstream zinc manufacturers are on holiday, and the market transaction is very deserted. The recent trend of SHFE zinc is mainly dominated by internal and external macro-mood fluctuations, overseas Trump worries continue, domestic post-holiday consumption recovery worries increase, SHFE zinc lacks upward motivation, and short-term spot zinc prices may continue to fall.
Stainless Steel: LME nickel continued to fall, and SHFE nickel and stainless steel futures fell. With the growing atmosphere of the Spring Festival, the spot market transactions further weakened, and most manufacturers in the waste industry had a holiday, and the market opened a "valuable but no market" mode. (Analyzed by LTIT)
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