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Shanghai Metal Network: Shanghai Aluminum's focus shifts downward, downstream buyers purchase on dips

K-LinePoet
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Today, Shanghai Metal Market spot A00 aluminum ingots are quoted at 23,760-23,800 yuan/ton, with an average price of 23,780 yuan/ton, down 120 yuan/ton from the previous trading day. For the 2606 contract, they are reported at a discount/premium of 70-30 yuan/ton. Affected by the strengthening of the US dollar index, overseas markets faced pressure at higher levels. Shanghai aluminum continues to fluctuate and slide lower; as of the midday close, the main contract of Shanghai aluminum fell by 205 yuan/ton, down 0.85%. Today, trading in the spot market was fairly active. After the decline in aluminum prices, consumption sentiment recovered somewhat. During the day, downstream buyers chose to purchase at lower prices, with reasonably positive enthusiasm. The discount of East China aluminum ingots versus the 06 contract further narrowed to around -50. It is heard that holders quoted around +10 relative to the market average price in the network. (SHMET)
XAL-3.00%
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