SMM, September 3:
The SHFE aluminum futures center moved higher today compared with yesterday. At the open, spot aluminum traded at premiums of 10-20 yuan/mt against the SHFE aluminum 2609 contract, with some east China cargoes moving to south China. Later, as aluminum prices rose, SHFE aluminum spot premiums fell from opening levels. The main transaction range for A00 aluminum ingot spot today was from parity to a premium of 20 yuan/mt.
SHFE aluminum futures rallied again, and with September peak-season demand falling short, downstream processing enterprises in the central China market showed sluggish buying sentiment and strong wait-and-see sentiment, leaving trading relatively thin. Suppliers also tended to sell aggressively when quoted premiums rose, and selling sentiment weakened accordingly. Ultimately, actual transaction prices in the central China market centered around discounts of 110-150 yuan/mt against the SHFE aluminum 09 contract.
Inventory-wise, aluminum ingot inventory in major consuming regions fell by 10,500 mt MoM today, with all three regions showing destocking.
![Aluminum prices pull back slightly, weak tone unchanged [SMM South China spot aluminum daily review]](https://imgqn.smm.cn/usercenter/ECUsL20251217171652.jpg)

