Futures Stop Rising and Edge Down, Premiums Continue to Pull Back [SMM South China Spot Aluminum Daily Review]

Published: Jul 31, 2026 15:25

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SMM July 31 News:

The futures stopped rising and edged down today, and the weakness in spot aluminum in South China persisted. Absolute prices remained high. The spot-futures price spread, though expected to weaken, was also elevated. With the weekend approaching and it being month-end, suppliers briefly held prices firm before stepping up shipments to realize profits at high levels. Mainstream quotations were at a discount of 30-10 yuan/mt, down to varying degrees, and discounted supply was ample. On the demand side, downstream users' fear of high prices persisted, leading to sluggish purchases. Traders pushed for lower prices and only made minimal purchases, showing no flexibility beyond fulfilling orders. The oversupply situation continued, and overall transactions were somewhat lackluster. Spot transaction prices were concentrated at a premium of 85-125 yuan/mt over the SHFE aluminum 2608 contract.

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