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SMM News on June 17:
On the futures market, today the most-traded cast aluminum alloy futures contract 2511 opened at 19,590 yuan/mt, surging significantly at the opening bell, reaching a high of 19,740 yuan/mt and a low of 19,580 yuan/mt, and finally closing at 19,730 yuan/mt, up 165 yuan/mt or 0.84% from the previous close, with a trading volume of 7,319 lots and an open interest of 9,124 lots. Bulls were the main force in increasing positions during the day.
In the spot market, today's SMM A00 aluminum price surged by 280 yuan/mt from the previous trading day to 20,900 yuan/mt, while the domestic SMM ADC12 price increased by 100 yuan/mt to the range of 20,000-20,300 yuan/mt. Driven by the strong upward trend in aluminum prices, the prices of secondary aluminum raw materials also rose, but the increase was weaker than that of primary aluminum, with an overall increase in the range of 100-200 yuan/mt. Although the continuous rise in cost side provided upward momentum for ADC12 prices, the actual increase was limited, with the market raising prices by a maximum of 100 yuan/mt. Currently in the traditional off-season for the industry, new orders are growing sluggishly, and the continuous weakness in demand side has constrained the upside room for ADC12 prices. However, the logic of cost support still exists, and it is expected that ADC12 prices will remain in a narrow adjustment range in the short term.
In the import market, the CIF quote for imported ADC12 remained at $2,420-2,450/mt, the import spot price increased by 100 yuan/mt to around 19,300 yuan/mt, and the real-time loss for imports was in the range of 500-600 yuan/mt. The local tax-excluded quote for ADC12 in Thailand remained stable at 82 Thai baht/kg.
Note: Import profit refers to real-time profit.
