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Shanghai Metal Market: Shanghai Aluminum declines within the range, downstream sentiment improves
Today, Shanghai Metal Market spot A00 aluminum ingots are quoted at 24,730-24,770 yuan/ton, with an average price of 24,750 yuan/ton, down 30 yuan/ton versus the previous trading day, and the 2605 contract is quoted at a discount (cum off) of 150-110 yuan/ton. The probability of an escalation in the Middle East situation has decreased, but the de-escalation process still remains smooth. Although aluminum prices have pulled back from high levels, the room for further downside is limited. By the close at midday, the Shanghai aluminum main contract fell by 135 yuan/ton, down 0.54%. Today, sentiment in the spot market is still acceptable. With the weekend and holidays approaching, combined with the correction in aluminum prices at high levels, downstream restocking sentiment has improved. During today’s trading, inventory holders quoted around +0 versus the web average; as aluminum prices fell, East China aluminum ingots’ discounts narrowed to around -130. (SHMET)