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Shanghai Metal Market: Shanghai Aluminum Price Decline Widens, Downstream Purchases on Dips

K-LinePoet
Today, Shanghai Metal Market spot A00 aluminum ingots are quoted at 23,980–24,020 yuan/ton, with an average price of 24,000 yuan/ton. This is down 210 yuan/ton from the previous trading day. For the 2606 contract, the quote is at a discount of 100–60 yuan/ton. The U.S. dollar index is rising, which weighs on aluminum prices and pushes them lower. As of the midday close, the Shanghai aluminum main contract fell by 180 yuan/ton, a decline of 0.74%. The drop in aluminum prices has widened; during the trading session, consumption sentiment has shown some recovery. Downstream buyers still show fairly good enthusiasm for buying on dips, and holders of inventory are reportedly quoting around +0 versus the net quoted price. In East China, aluminum ingots for the 06 contract are quoted at a discount of around 80 yuan, with the discount narrowing compared with the previous trading day. (SHMET)
XAL-2.31%
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