Global Chip Market Will Decline 20% This Year

LME copper prices opened at $8557.5/mt and closed at $8547.5/mt in narrow range, a drop of 0.23%, with the low-end of $8529/mt and the high-end of $8599/mt.

According to the SMM analysis team, the aluminium rod supply was largely stable in December.

According to SMM statistics, the social inventory of domestic aluminium billet across China’s five major markets stood at 83,800 mt on January 18, up by 800 mt WoW, up by 2,700 mt compared with January 15, and up by 48,100 mt YoY (as CNY holidays were relatively late this year).

On January 18, 2024, SMM data showed that the social inventory of aluminium ingots in China’s eight major markets was 441,000 mt, and the amount available for sale stood at 315,000 mt, down by 18,000 mt WoW.

Overnight, the most-traded SHFE 2403 aluminium contract opened at 18,745 yuan/mt, with high and low at 18,760 yuan/t and 18,665 yuan/mt before closing at 18,700 yuan/mt, down 65 yuan/mt or 0.35%.

Low-sulfur coking coal in Lvliang, Shanxi was quoted at 2,300 yuan/mt, while the quotation was 2,250 yuan/mt in Linfen and 2,100 yuan/mt in Tangshan.

In the data released by the automobile industry in the first three quarters, Chinese automobile exports continued to rise, exceeding 400,000 units for two consecutive months.

Data released by the China Association of Automobile Manufacturers (CAAM) on October 11 showed that in the first three quarters of this year, China’s automobile market as a whole maintained steady growth.

Affected by the sharp drop in futures prices, steel mills in the Tangshan area lowered their purchase prices of iron ore concentrate by 20-25 yuan/mt.

Overnight, the most-traded SHFE 2310 aluminum contract opened at 19,325 yuan/mt and went down before closing at 19,160 yuan/mt, down 75 yuan/mt or 0.39% compared with the previous trading day.