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Shanghai Metal Market: Shanghai Aluminum fluctuates and declines, downstream rigid demand consumption
Today, Shanghai Metal Market spot A00 aluminum ingots are quoted at 24,580-24,620 yuan/ton, with an average of 24,600 yuan/ton, down 10 yuan/ton from the previous trading day. The contract for 2604 is quoted at a premium of 130-90 yuan/ton. The Gulf situation continues to favor aluminum prices, and Shanghai aluminum remains at a high level, with slight intraday pullbacks. By midday, the main Shanghai aluminum contract closed down 30 yuan/ton, a decrease of 0.12%. Today’s spot trading has weakened somewhat, with aluminum prices temporarily pausing their upward trend and experiencing intraday fluctuations and declines. Downstream buyers’ fear of rising prices has slightly eased, and after the price decline, consumption remains cautious, mainly driven by just-in-time demand with low procurement. Spot quotes have also loosened, with traders quoting around -10 on the average market price today. The premium for East China aluminum ingots has expanded to around -110. (SHMET)