In early trading today, the most-traded SHFE aluminium contract fluctuated upward. Today, cargo holders in east China mainly ship goods, and transactions have improved. Recipients mainly purchased on demand. Today’s aluminum ingot inventory in Wuxi (excluding Hangzhou, Changzhou, Haian and other places) is 225,200 tons. There was an increase of 4,300 tons on the previous trading day. Today, the SMM A00 aluminum price has a discount of 10 yuan/ton against the 2403 contract, which is 20 yuan/ton higher than the previous trading day. The spot price recorded 18,860 yuan/ton. During the second trading period, the market fluctuated ups and downs, holders followed the market and adjusted prices for shipments. Today's mainstream transactions in east China have a discount of 20 yuan/ton to a premium of about 10 yuan/ton for SMMA00 aluminum prices.
Today, the spot trading atmosphere in the central China has improved. Downstream purchased only as needed, and the discount has narrowed slightly. According to SMM statistics, the aluminum ingot inventory in Gongyi today is approximately 159,800 tons, an increase of 4,000 tons from the previous trading day. Today, the SMM central China aluminium price has a discount of about 100 yuan/ton against the 2403 contract, which is 20 yuan/ton higher than the previous trading day. The average spot price has recorded 18,770 yuan/ton. The mainstream spot transaction has a discount of 10 yuan/ton to a premium of 10 yuan/mt for SMM central China aluminium prices in early trading.
Overall, according to SMM data, the national aluminum inventory on Thursday reached 789,000 tons from 41,000 tons on Monday, and was up by 83,000 tons from last Thursday. Recently, the inventory of aluminum ingots continued to grow, but the inventory remains at a low level for the same period in nearly seven years. Aluminum processing companies have entered the post-holiday resumption stage, and photovoltaic aluminium extrusion, aluminium wires and cables and other sectors have resumed production at a faster pace. During the traditional peak season, downstream demand may improve, which is expected to provide some support for aluminum prices. However, in the short term, with loose spot circulation, SMM expects that the short-term spot market premiums will mainly under pressure.
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