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Shanghai Metal Market: Shanghai Aluminum declines from high levels, market sentiment remains decent
Today, Shanghai Metal Market spot A00 aluminum ingots are quoted at 24,650–24,690 yuan/ton, with an average price of 24,670 yuan/ton, down 240 yuan/ton from the previous trading day. For the 2605 contract, it is quoted at a discount of 160–120 yuan/ton. Although the situation in the Middle East has eased, uncertainty remains. Aluminum prices have retreated from high levels, but the decline is relatively limited. As of the midday close, the Shanghai aluminum main contract fell by 365 yuan/ton, down 1.45%. Today, the spot market performance is steady; aluminum prices have eased from high levels. Downstream sentiment has improved, and the willingness to buy on dips appears to be rising. Traders holding inventory are seeing a stronger intention to support prices, and the spot discounts have narrowed again. Today, in East China, aluminum ingots versus the market are quoted at around +0 on average, and the 05 contract, tracking the market, has narrowed to around -140. (SHMET)