Shanghai Metal Market: Shanghai Aluminum fluctuates and adjusts; spot trading remains decent

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Today, Shanghai Metal Market’s spot A00 aluminum ingots are quoted at 24,060–24,100 yuan/ton, with an average price of 24,080 yuan/ton. Compared with the previous trading day, this is down 230 yuan/ton. For the 2606 contract, it is quoted at a discount (cancellation) of 150 to a discount (cancellation) of 110 yuan/ton.

In the morning session, aluminum prices stayed within a range with only small fluctuations. As of the midday close, the Shanghai aluminum main contract was down 20 yuan/ton, a decline of 0.08%.

Today, the spot market atmosphere remains fairly good. Aluminum prices have stabilized after stopping the decline and are trading sideways. Downstream sentiment has recovered, and the willingness to buy is still fairly moderate. Traders holding inventory are relatively proactive in making quotes. Spot trading is steady, with a slight preference. During the session, it was heard that inventory holders quoted around +10 versus the network average price. East China aluminum ingot follow-the-market discounts continued to narrow to around -130. (SHMET)

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