[SMM Aluminum Spot Afternoon Commentary: Shanghai Aluminum Experiences Horizontal Consolidation, Basis Narrowing Significantly in Henan and Shanghai Spot Markets] SMM News on September 3:
Shanghai Aluminum primarily experienced horizontal consolidation during the morning session today. In the East China spot market, holders showed insufficient willingness to sell at lower prices, while downstream buyers were actively restocking, leading to vibrant market transactions. Holders quoted firmly, with the premium narrowing as the main trend. Today, the SMM A00 aluminum price was discounted by 60 yuan/ton against the 2409 contract, up 20 yuan/ton from the previous trading day.
