Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 7
2025-2-7
Copper: The spot copper price in Foshan market rose further today, and the market transactions improved. Worried about the trade war, the LME copper library continued to decline, and the LME copper price rose for five consecutive trading days, hitting an intraday high of $9,391. The main SHFE copper contract rose for two consecutive days, hitting an intraday high of 77,130 yuan, with a cumulative increase of more than 1,800 yuan in two days. Considering the upcoming two sessions in China in March, market investors are optimistic about this, and investment funds continue to flow into the copper market, which has a positive impact on the trend of copper prices. It is expected that the short-term copper prices will remain strong and volatile. Although the accumulated stock of domestic electrolytic copper is obvious during the holiday period, with the domestic copper enterprises opening the market one after another, merchants purchase some on demand, which is expected to support the further rise of copper prices.
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated strongly. 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. The next target will be 20,700 yuan.
Zinc: Today, the price of zinc in Foshan has rebounded at a low level, with more merchants entering the market, the enthusiasm of traders for shipment maintained, the downstream manufacturers maintained a more cautious attitude, some manufacturers with rigid demand were more active in purchasing, and spot transactions picked up. 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: The price of nickel jumped, and it launched an upward offensive with stainless steel futures, which ignited the sentiment of price increase in the spot market. However, most manufacturers in the scrap industry have not yet resumed work, and the sites that have started work have successively quoted and received goods, and the price has risen. It is expected that the full recovery of market trading popularity will take after Chinese Calendar January 15th, the demand will follow up and the market volume and price will rise just around the corner. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose further, and the short-term trend fluctuated strongly. 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. The next target will be 20,700 yuan.
Zinc: Today, the price of zinc in Foshan has rebounded at a low level, with more merchants entering the market, the enthusiasm of traders for shipment maintained, the downstream manufacturers maintained a more cautious attitude, some manufacturers with rigid demand were more active in purchasing, and spot transactions picked up. 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: The price of nickel jumped, and it launched an upward offensive with stainless steel futures, which ignited the sentiment of price increase in the spot market. However, most manufacturers in the scrap industry have not yet resumed work, and the sites that have started work have successively quoted and received goods, and the price has risen. It is expected that the full recovery of market trading popularity will take after Chinese Calendar January 15th, the demand will follow up and the market volume and price will rise just around the corner. (Analyzed by LTIT)
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