Futures: The most-traded AD2611 cast aluminum alloy contract opened at 23,820 yuan/mt today, hitting its intraday high right at the open before drifting lower. It dipped to 23,620 yuan/mt at 10:00 and then stabilized and rebounded. After rebounding to 23,710 yuan/mt at 10:45, it pulled back again and closed the morning session at 23,670 yuan/mt, up 110 yuan, or 0.47%, from yesterday's settlement price of 23,560 yuan/mt.
Spot: ADC12 market quotes were largely stable today, with SMM ADC12 prices holding steady at 24,500 yuan/mt from the previous trading day. Cost side, aluminum scrap raw material prices saw limited fluctuations, but with stricter enforcement of tax invoice policies, enterprises face higher compliance procurement requirements, keeping raw material procurement costs at a relatively high level. Cost support remains strong, and enterprises have limited willingness to proactively lower prices. Although demand improvement remains relatively limited in the near term, pre-holiday stocking demand and the rebound in futures have provided some support to market sentiment, and some enterprises have seen their quotes recover. Overall, industry prices have shown strong resilience under cost support and are expected to maintain a consolidation pattern on a strong note in the short term. Going forward, close attention should be paid to the progress of tax invoice policy enforcement, changes in aluminum scrap raw material supply, futures trends, and downstream stocking ahead of the dual holidays.
Imports: Imported ADC12 quotes remained at $3,100–3,200/mt, with import spot profit and loss near the break-even line.
