SMM, September 4:
The SHFE aluminum price center was basically flat from yesterday, with spot market buying sentiment starting active at the open before cooling off. Today, spot aluminum A00 transactions were concluded at parity to a premium of 40 yuan/mt against the SHFE aluminum contract.
Aluminum futures rallied again in the night session, and pre-market quotes in the central China market were relatively low. Traders tended to restock aggressively at deep discounts, and with Friday approaching, downstream processing enterprises showed recovering interest in purchasing and stockpiling. Overall market trading sentiment recovered, driving quotes gradually higher. Ultimately, actual transaction prices in the central China market centered around a discount of 110-150 yuan/mt against the SHFE aluminum 09 contract.
On the inventory side, aluminum ingot inventory in major consuming regions fell by 3,000 mt MoM today, with all three regions showing destocking.
