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Shanghai Metal Network: Shanghai Aluminum fluctuates downward, spot trading remains decent

K-LinePoet
Today, Shanghai Metals Market spot A00 aluminum ingots are quoted at 24,290–24,330 yuan/ton, with an average price of 24,310 yuan/ton, down 40 yuan/ton from the previous trading day. For the 2606 contract, they are quoted at a discount (basis) of 160–120 yuan/ton. This morning, aluminum prices held a range-bound pattern; during the morning session, they saw a slight decline. As of the midday close, the Shanghai aluminum benchmark main contract fell 115 yuan/ton, down 0.47%. Today, overall spot market sentiment remains fairly good; after aluminum prices fell, downstream sentiment improved somewhat. Traders holding inventory were still willing to sell at a decent level, and spot trading remained steady overall. During the day, the East China aluminum ingot basis and spot discount prices continued to converge, moving to around -140. (SHMET)
XAL0.23%
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