This Morning's Transactions Were Moderate, Followed by a Rebound in the Futures Market and Weaker Transactions Later [SMM Spot Aluminum Midday Review]

Publicado: Dec 27, 2024 13:14

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[SMM Spot Aluminum Midday Review: Moderate Transactions in the Morning, Weaker Transactions as Futures Rebounded Later]

SMM, December 27 - This morning, the most-traded SHFE aluminum contract fluctuated. As the weekend approached and the futures market center shifted downward, trading in the spot market was moderate. Specifically, in east China, suppliers saw a decline in inventory, and improved downstream buying sentiment narrowed the discount against the futures market to around 10 yuan/mt against the SMM average price. Today, the SMM A00 aluminum recorded a discount of 20 yuan/mt against the SHFE aluminum 2501 contract, up 10 yuan/mt from the previous trading day. The SMM A00 aluminum ingot price stood at 19,730 yuan/mt, down 90 yuan/mt from the previous trading day.

Additionally, as the year-end approaches, market transactions, including shipments and purchases, may decrease. SMM will continue to monitor subsequent trading conditions and the signing of new long-term contracts.

In the central China market, spot aluminum prices have been running at low levels recently. Suppliers' inventories have declined, and the market's available supply has tightened. The Henan-Shanghai price spread widened, with today's Henan-Shanghai price spread at a discount of about 80 yuan/mt. Market transactions showed initial signs of weakening downstream demand, but low inventory provided price support. The SMM central China A00 aluminum price recorded 19,650 yuan/mt against the SHFE aluminum 2501 contract, down 100 yuan/mt from the previous trading day. Actual market transactions were mainly at SMM central China prices ranging from a discount of 10 yuan/mt to parity.

Regarding inventory, according to SMM's domestic aluminum inventory data for three regions, as of December 27, daily destocking reached 7,000 mt, bringing the total inventory to 350,100 mt. Recently, aluminum prices have seen an overall downward shift in the center, prompting downstream buyers to purchase new orders at lower prices, which facilitated inventory destocking nationwide. After the rebound in premiums and discounts, they stabilized. However, as aluminum prices rebound, the pace of downstream raw material inventory consumption may slow. It is expected that east China will continue to see a discount trend next week.

Data source: SMM
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Declaración de Fuente de Datos: Excepto la información disponible públicamente, todos los demás datos son procesados por SMM basándose en información pública, comunicación de mercado y confiando en el modelo de base de datos interna de SMM. Son solo para referencia y no constituyen recomendaciones para la toma de decisiones.

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