SMM June 1 update:
During the morning session, the SHFE aluminum 2606 contract traded in a range, with the overall price center moving lower compared to the previous trading day. Affected by low aluminum prices, some sellers saw a decline in willingness to sell. On Monday, the market was dominated by a wait-and-see approach, with overall downstream stockpiling sentiment declining. Mainstream spot cargo quotes in the market ranged from SMMA00-10 to +10 yuan/mt. The shipment sentiment index in east China was 2.93 today, down 0.02 MoM; the purchasing sentiment index was 2.91, down 0.49 MoM.
Entering the June off-season, downstream processing enterprises in central China saw poor order sustainability, with low buying sentiment and an overall sluggish trading atmosphere. On the first day of the month, suppliers showed a strong willingness to sell, with quotes continuing to decline. Ultimately, the actual transaction price range in the central China market hovered between parity with the central China price and a discount of 20 yuan to the central China price. The shipment sentiment index in central China was 2.86 today, flat MoM; the purchasing sentiment index was 2.23, down 0.01 MoM.
Inventory side, aluminum ingot inventory in major consumption areas remained flat MoM today.
