[SMM Spot Aluminum Midday Review: Tight Market Supply, Suppliers Maintain High Premiums]

Overnight, LME copper opened at $9,583.0/mt, touching a low of $9,571.0/mt at the beginning of the session.

[SMM Aluminum Morning Meeting Summary: Low Inventory Provides Support, Competing with Off-Season Demand, Short-Term Aluminum Prices Lack Clear Drivers] On the macro side, US consumer confidence in May was significantly better than economists' expectations, leading to a further rise in the US dollar index. On the fundamentals side, there were no significant changes in the short-term supply side. On the cost side, the specific impact of the Guinea incident on local bauxite supply remains to be assessed, and in the short term, it may provide sentiment-based cost support for alumina. On the demand side, there is dual pressure from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of aluminum processing enterprises continues to decline under pressure. It is necessary to monitor whether downstream export orders can truly improve and offset the expected weakening of domestic demand. Overall, the current low inventory provides support for aluminum prices. However, in the near term, there are no unexpected macroeconomic positives to further drive aluminum prices higher, and the off-season pressure on the demand side limits upside room. Short-term aluminum prices are expected to remain rangebound, with attention to be paid to domestic and overseas demand performance, the inventory trend at the end of May, and disruptions in bauxite supply.

The most-traded SHFE aluminum 2507 contract opened at 20,175 yuan/mt today, hitting a high of 20,180 yuan/mt and a low of 19,965 yuan/mt, before closing at 20,040 yuan/mt, down 0.64%.

On June 12-13, 2025, the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum, hosted by SMM and co-sponsored by leading domestic and overseas secondary metal enterprises, will be grandly held at the Hyatt Regency Bangkok Suvarnabhumi in Thailand!

[Daily Review of ADC12 Prices: Aluminum Prices Decline Further, Secondary Aluminum Prices Under Pressure in Tandem] Today, the SMM A00 aluminum price fell by 150 yuan/mt from the previous trading day to 20,200 yuan/mt, with the secondary aluminum market also under pressure in tandem. The domestic SMM ADC12 price dropped by 100 yuan/mt to the range of 20,200-20,400 yuan/mt.

[SMM Spot Aluminum Midday Review: Insufficient Support from Aluminum Semis Consumption, Spot Premiums Under Pressure]