Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 6
2025-2-6
Copper: The spot copper price in Foshan market has risen sharply today, and the market trading is still cautious. Recently, the U.S. dollar index has fallen sharply in recent days, which has provided bullish support for metal prices. At present, investors are paying close attention to the global trade situation and whether China will introduce more economic stimulus policies. The analysis believes that with the release of doves by Fed officials and the weakening of market concerns about trade wars, the fall of the US dollar has boosted the metal market. Fundamentally, the domestic refined copper output decreased by more than 7% in January, and the domestic off-season accumulation was slow. Concerned about the uncertainty of overseas trade policy changes, it is expected that the short-term copper price will remain strong and volatile. At present, buyers and sellers in the spot copper market are opening one after another, and the demand is expected to improve, which is good for short-term copper prices.
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated intensively. During the Spring Festival, the cumulative inventory of aluminum ingots in China was slightly higher than that in the same period, but the cumulative inventory of aluminum rods decreased year-on-year, and the inventory performance was neutral. The fundamentals have not seen much contradiction yet. We will continue to pay attention to the performance of consumption recovery and macro-emotional changes, and be optimistic about the fluctuation of aluminum price range for a short time. After the holiday, the first target will be 20,500 yuan.
Zinc: Today, traders in Foshan Zinc City started trading, and the market operating rate gradually recovered, and traders generally actively shipped. In view of the fact that the operating rate of downstream zinc manufacturers is still low, there are still few market transactions. According to the analysis, due to the seasonal accumulation of the Spring Festival, it is expected that the zinc price will remain weak and fluctuate in the short term, waiting for the actual recovery progress of output and consumption after the holiday.
Stainless Steel: Stainless steel continues to rise, futures keep rising, the spot market is waiting on the sidelines, the operating rate of scrap manufacturers is temporarily low, the purchasing quotation has not been updated, the trading popularity needs to be warmed up, and the market is slowly warming up. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated intensively. During the Spring Festival, the cumulative inventory of aluminum ingots in China was slightly higher than that in the same period, but the cumulative inventory of aluminum rods decreased year-on-year, and the inventory performance was neutral. The fundamentals have not seen much contradiction yet. We will continue to pay attention to the performance of consumption recovery and macro-emotional changes, and be optimistic about the fluctuation of aluminum price range for a short time. After the holiday, the first target will be 20,500 yuan.
Zinc: Today, traders in Foshan Zinc City started trading, and the market operating rate gradually recovered, and traders generally actively shipped. In view of the fact that the operating rate of downstream zinc manufacturers is still low, there are still few market transactions. According to the analysis, due to the seasonal accumulation of the Spring Festival, it is expected that the zinc price will remain weak and fluctuate in the short term, waiting for the actual recovery progress of output and consumption after the holiday.
Stainless Steel: Stainless steel continues to rise, futures keep rising, the spot market is waiting on the sidelines, the operating rate of scrap manufacturers is temporarily low, the purchasing quotation has not been updated, the trading popularity needs to be warmed up, and the market is slowly warming up. (Analyzed by LTIT)
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