Futures prices pull back, spot aluminum follows decline; aluminum scrap raw material tightness still provides support [SMM Cast Aluminum Alloy Morning Comment]
[SMM cast aluminum alloy morning comment: Futures prices pulled back and spot prices followed suit, while tight aluminum scrap raw material continued to provide support] Last Friday night, AD2611 opened at 23,280 yuan/mt, shot up to 23,285 yuan/mt right after the open before plunging to a session low of 23,145 yuan/mt. It then consolidated and rebounded, stabilizing near the close to settle at 23,200 yuan/mt, down 175 yuan, or 0.75%, from the previous settlement price of 23,375 yuan, extending the decline from Friday's daytime session.