Aluminum futures prices post a slight correction, shipment sentiment recovers slightly [SMM Spot Aluminum Midday Review]

SMM, June 11:

In early trading, the SHFE aluminum 2606 contract fluctuated upward, with the overall price center moving higher compared to the previous trading day. Today, market shipment sentiment was somewhat raised, and seller quotes moved up. However, affected by the higher aluminum price, downstream purchasing sentiment was suppressed. The mainstream spot aluminum transaction price in the market was at a discount of 90-120 yuan/mt against the SHFE aluminum July contract. Today, the east China market Shipment Sentiment Index was 2.89, up 0.03 MoM; the Purchasing Sentiment Index was 286, down 0.04 MoM.

The aluminum futures price experienced a slight correction. Today, the shipment sentiment in the central China market further improved compared to the previous two days, but downstream processing enterprises preferred to purchase at low premiums, and suppliers' willingness to hold prices firm was not strong. Market quotes trended lower, gradually shifting from a discount of 100-110 yuan/mt against the SHFE aluminum July contract before the opening to around a discount of 120-140 yuan/mt against the contract. The mainstream transaction range was at a discount of 120-140 yuan/mt against the SHFE aluminum July contract. Today, the central China market Shipment Sentiment Index was 2.90, up 0.01 MoM; the Purchasing Sentiment Index was 2.22, flat MoM.

Inventory side, today, aluminum ingot inventory in major consumption areas was down 1.95 MoM, with all three regions showing destocking trends.