Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 6
2025-1-6
Copper: Today, the spot copper price in Foshan market has stopped falling and rebounded, and the market anxiety has eased. China promised to increase economic support, provide confidence support for the metal market, and improve the pressure brought by the strong dollar. Reverse invoicing and the recent low range attract some copper factories and enterprises to continue to purchase as needed; The recent suppression of copper is mainly due to the strong US dollar index, the constant probability of the US Federal Reserve's interest rate meeting in January, and the changeable factors of Trump's coming to power, which makes the cautious operation of funds mainly focus on short-term profits. In the short term, it needs more motivation than domestic ones, such as reducing interest rates and lowering the RRR. However, the opening of the holiday cycle for factories and enterprises in the Chinese New Year will gradually weaken the demand and will also be partially suppressed. It is estimated that 73,000-75,000 is the recent fluctuation range.
Aluminum: The price of aluminum in Foshan market fell again today. The strong pressure of the US dollar on non-ferrous metals has a certain drag on the trend of aluminum prices. Recently, the domestic stock market has been weak, and the SHFE index has fallen below the integer mark of 3,300 points. The market confidence has been frustrated again, which has also dragged down the aluminum market. As the Spring Festival approaches, most enterprises choose to reduce production and recover payment. It is expected that the follow-up market will become lighter and the transaction will obviously weaken.
Zinc: The risk of continued decline in zinc prices is released, the demand for goods is firm, the performance of downstream zinc manufacturers is relatively cautious, and the overall market demand is average. The supply side is tight, the Spring Festival holiday is approaching, the downstream operating rate is decreasing, and SHFE zinc is expected to continue to decline.
Stainless Steel: LME nickel oscillated lower and approached the $15,000 mark. The decline of stainless steel futures slowed down slightly, the spot market was light, and the preferential price adjustment of steel strip facilitated the exchange. Affected by the "reverse invoicing" policy, the scrap stainless steel industry continues to receive goods at a reduced price, and general manufacturers choose to reduce the risk of holding goods. (Analyzed by LTIT)
Aluminum: The price of aluminum in Foshan market fell again today. The strong pressure of the US dollar on non-ferrous metals has a certain drag on the trend of aluminum prices. Recently, the domestic stock market has been weak, and the SHFE index has fallen below the integer mark of 3,300 points. The market confidence has been frustrated again, which has also dragged down the aluminum market. As the Spring Festival approaches, most enterprises choose to reduce production and recover payment. It is expected that the follow-up market will become lighter and the transaction will obviously weaken.
Zinc: The risk of continued decline in zinc prices is released, the demand for goods is firm, the performance of downstream zinc manufacturers is relatively cautious, and the overall market demand is average. The supply side is tight, the Spring Festival holiday is approaching, the downstream operating rate is decreasing, and SHFE zinc is expected to continue to decline.
Stainless Steel: LME nickel oscillated lower and approached the $15,000 mark. The decline of stainless steel futures slowed down slightly, the spot market was light, and the preferential price adjustment of steel strip facilitated the exchange. Affected by the "reverse invoicing" policy, the scrap stainless steel industry continues to receive goods at a reduced price, and general manufacturers choose to reduce the risk of holding goods. (Analyzed by LTIT)
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