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SMM reported on July 8:
On the futures market, the most-traded cast aluminum alloy futures contract 2511 opened at 19,755 yuan/mt today, with a high of 19,895 yuan/mt and a low of 19,735 yuan/mt. It closed at 19,850 yuan/mt, up 100 yuan/mt from the previous close, representing a 0.51% increase. Trading volume was 3,096, and open interest was 8,685, with bulls increasing their positions mainly during the day.
In the spot market, SMM A00 aluminum prices fell by 40 yuan/mt from Monday to 20,600 yuan/mt, while SMM ADC12 prices remained stable at 20,000 yuan/mt. After July, factors such as the high-temperature off-season and high aluminum prices continued to impact downstream orders, prompting some downstream enterprises to reduce production. Although futures and spot traders were actively inquiring about prices and trading volume of delivery brands increased somewhat, the end-use consumption market remained sluggish, posing a key resistance to price increases. Faced with the dual pressures of raw material supply deficits and weak market demand, some secondary aluminum manufacturers have temporarily halted furnace operations for maintenance or reduced their operating rates. Overall, with no substantial improvement in demand, prices encounter resistance on the upside, but the cost support logic remains intact. It is expected that secondary aluminum alloy prices will fluctuate rangebound in the short term.
Note: Import profit refers to real-time profit
