Shanghai Metal Market: Shanghai Aluminum rebounds from lows, spot transactions are still decent

Today, Shanghai Metals Market spot A00 aluminum ingots are quoted at 24,050-24,090 yuan/ton, with an average price of 24,070 yuan/ton, down 420 yuan/ton versus the previous trading day. The 2604 contract is quoted at a discount of 190-150 yuan/ton. Aluminum prices remain generally weak. Last night, Shanghai aluminum’s main contract opened lower and rebounded; this morning, aluminum prices continued to range and rise. By the midday close, it had basically recouped most of yesterday’s losses, with the main contract down 180 yuan/ton, a decline of 0.73%. Today, the spot market sentiment is fairly steady. Although aluminum prices rebounded quickly, they are still relatively low compared with earlier levels. Downstream buyers’ low procurement intentions remain in place, and together with some inventory replenishment ahead of the weekend and the coexistence of demand for long-term orders due at month-end, spot trading is relatively active. Today, the following price for East China aluminum ingots further narrowed to around -170. (SHMET)