SMM June 16 news:
[SMM] June 16 SMM A00 aluminum (Foshan) reported at 23,790, down 350, discount to the current month 90, flat (unit: yuan/mt)
Today, the futures market suddenly plummeted, while South China spot aluminum struggled to remain firm. Absolute prices plunged sharply, forming a hedge against the steady destocking of inventory, and holders attempted to ride the momentum and raise prices in the morning; but with the spot-futures price spread expected to stay high, there remained room for hedging-based shipments, supply actually loosened somewhat, making it difficult to push prices higher, with mainstream quotations concentrated at a premium of 0 to +10 yuan/mt. Demand side, downstream players were initially somewhat cautious, after failing to push for lower prices, gradually shifted to buying the dip, providing some support; traders were also willing to take non-premium cargoes, and overall, transactions were satisfactory. Spot transaction prices were concentrated at a premium of -110 to -70 yuan/mt over the SHFE aluminum 2607 contract.
