At the start of the week, futures plummeted, spot aluminum adjusted in the doldrums [SMM South China Spot Aluminum Daily Review]

SMM July 13:

The futures market plunged today, and spot aluminum in South China adjusted in the doldrums. The price decline and continued steady destocking jointly bolstered suppliers' renewed firmness in holding prices, along with some reluctance to sell. Mainstream quotations were at discounts of -10 to 0 yuan/mt, only slightly lower, with supply relatively controllable. Demand side, buyers were relatively weak. Downstream players maintained purchasing as needed and had no intention of buying more. The lack of a basis dampened traders' enthusiasm to enter the market; they almost only purchased at discounts, with only a small portion accepting firm offers. Supply and demand lacked sufficient support, resulting in overall poor transactions. Spot transactions were concentrated at premiums of 10 to 50 yuan/mt over the SHFE aluminum 2607 contract.