[SMM afternoon Review] South China Aluminum: futures prices soar, spot weak basis turns negative

SMM, July 30th:

Before noon, the mainstream spot transaction price of aluminum ingots in South China was 14880-14940 yuan / ton, and the discount from South China to East China was about 60 yuan / ton, which changed little from yesterday. Yesterday afternoon, the spot market quotation price for the Shanghai Aluminum 2008 contract was lowered to 0-30 yuan / ton, while the spot price fell. Early trading aluminum ups and downs replacement, affected by the night market rise, the market initial offer is a big discount, next month ticket discount range is larger, the monthly ticket / next month ticket price difference in 10-20 yuan / ton, large procurement batches increase, prices are also adjusted, Tianshan, Baikuang, Hope, Shenhuo and other common aluminum to the net price 20-60 yuan / ton. The second period of aluminum shot up again, hit 10,000 in the month before noon, the spot also adjusted sharply with the futures, the discount narrowed, the receiving party reduced the price, and basically did not increase the price. Spot Pu aluminum to the net price discount is maintained at 0-60 yuan / ton, to Shanghai aluminum 2008 contract discount 0-40 yuan / ton, the basis becomes negative, the actual transaction price difference between Guangdong and Shanghai is 60-80 yuan / ton, Hua Qian, Qianxing, Shenhuo and other low iron is 10-30 yuan / ton higher than Pu aluminum, Russian aluminum, Southeast Asia and other imported aluminum ingots are 50-100 yuan cheaper than domestic aluminum ingots, and the maximum discount to the net price is about 150 yuan / ton.

(SMM Tong Lin 0757-85511521)

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