[ADC12 Daily Review] ADC12 Most-Traded Contract Closes Higher; Spot Sentiment Recovers but Demand Improvement Remains Insufficient

Futures: The most-traded AD2612 cast aluminum alloy contract opened at 22,750 yuan/mt today, briefly shot up to 22,835 yuan/mt before pulling back. It dipped to a session low of 22,705 yuan/mt in early trading before stabilizing, then its center gradually climbed. Before midday, volume surged and it hit a session high of 22,915 yuan/mt, closing the morning at 22,890 yuan/mt, up 200 yuan/mt or 0.88% from yesterday's settlement price.

Spot: ADC12 market quotes were broadly raised by 100 yuan/mt today. Driven by the rebound in aluminum prices and futures, market sentiment recovered somewhat, with some enterprises raising their quotes accordingly, showing clear signs of repair after the earlier price pullback. However, downstream demand improvement remains insufficient, with purchases mainly need-based and limited acceptance of higher prices. Whether market transactions can follow through remains to be seen. Overall, short-term market sentiment has repaired somewhat, but demand-side support is relatively limited. Further upside in prices is expected to depend on raw material cost changes and actual transaction conditions.