Slight decline continued today, with a wait-and-see stance prevailing ahead of the holiday [SMM South China Spot Aluminum Daily Review]

SMM, September 28:

Aluminum prices continued to edge lower today, and the spot market remained weak. Selling promptly to cash in and recover funds ahead of the month-end long holiday remained the dominant tone; after a brief attempt to hold prices firm failed, sellers quickly shifted to markdowns, with even lower-priced cargoes not uncommon. Against the backdrop of continued destocking, spot availability stayed relatively ample throughout. On the demand side, buyers made small purchases on dips, but room for further buying was already limited. Coupled with expectations that arrivals may increase during the holiday, wait-and-see sentiment intensified before the holiday, with few buyers entering the market to take delivery and transactions performing poorly. Spot deals were concentrated at premiums of 245–285 yuan/mt over the SHFE aluminum 2610 contract.