Copper:

The rise of reclaimed copper price in Foshan market was amplified today. This week, downstream factories started backing to business, which helped push for more request of procurement. Recyclers also began to place orders. The overall atmosphere of market looked up. As factories only stocked limited material, they need supplementary supply to continue the production now, which is bullish to the copper price. News in the market show positive signal as well. Since the Trade Deal between China and America is being made in important progress and the panel data of loan in China showed better tendency than expectation, the investors are looking good in demand in China’s market. The market sentiment is picking up and hopefully will spur a rebounded copper price. Citigroup, Goldman Sachs and Morgan Stanley now see long in copper price. Morgan Stanley even predicts a 14% growth for copper. Has the spring of copper already come?

Aluminum

The price of aluminum continued to rise in Foshan market today. Because of pressure yielded by supply side, the rebound strength was still weak. Due to the failure of 800,000 tons of aluminum reduction plan discussed among domestic factories and the subsequent new production entries in the market, the supply side will remain steady but with some excessive production from time to time so it will take time for the aluminum market to recover in the demand.

Zinc

Zinc price in Foshan market showed a rebounded trend today. The rise of price, however, suppressed the procurement will of downstream factories somehow. Many factories made the purchase for supplementary purpose as the price dropped last week. Now they hesitate if the price goes higher continuously in a short-term period and they are not fully operational with complete workers after the holiday. They will use the stock first. Therefore the recovery of demand was limited.

Stainless Steel

The price of stainless steel scrap in Foshan market showed steady trend today and it did not follow the rise with nickel future as the general demand was still weak. The factory capacity remains low as the workshops are not fully operational. It is estimated that most factories will return to work within a short period after fifteen of the first month of Lunar Year in China and such behavior will spring up the procurement and push for a higher price of raw material. (Source: Lingtong Metal Information)