Copper:

Today, the recycled copper price in Foshan market has risen slightly, and the market transaction is still not active. Biden officially took office as the 46th President of the United States, and the market is increasingly optimistic that federal stimulus measures will promote economic recovery and corporate earnings growth. In addition, the weakening of the US dollar index will also benefit the copper market. However, at present, the fundamentals still lack support, domestic consumption is weakening in off-season, the spot market transactions are relatively light, the resistance to copper price increase is obvious, and the price keeps fluctuating. However, the shippers still insist on holding a high price, which also shows that they still have a more optimistic attitude towards the market outlook. At present, the inventory of electrolytic copper is on the low side as a whole, which supports the price increase of over 100 yuan. To sum up, the market expects that the short-term copper price will continue to fluctuate in a narrow range, waiting for more guidance. 

Aluminum: Today, the price of aluminum in Foshan market stopped falling and rebounded. After falling for several days, the futures aluminum re-attracted more funds, and the price rebounded again, which also attracted aluminum manufacturers to prepare materials and purchase goods, and the transaction improved. However, if the price of aluminum rises for several days, the mentality of buying goods in the market will be suppressed. With the Spring Festival approaching, factories and enterprises have entered the holiday cycle one after another, with orders and operating rates dropping obviously and prices fluctuating continuously.

Zinc: Today, the zinc price in Foshan market fluctuated and rebounded. Most downstream manufacturers and traders kept a cautious attitude and did not replenish stocks in large quantities. Market participants said that the current zinc price was unstable, and they thought that the possibility of zinc price rising was low, waiting for the low level to appear before preparing materials for the holidays, and the wait-and-see mood enveloped the market, resulting in dull spot trading.

Stainless Steel: Today, the price of stainless steel in Foshan market rose slightly. The price of nickel fluctuated upward, which led to a rise in sectors in China, and the price of 304 spot hot rolling resources continued to rise. At present, there is a strong expectation of price increase for scrap market. At present, under the wind vane of steel mills raising purchase price, market bargaining remains high, and some manufacturers start to prepare materials. (Source: Lingtong Metal Information)