Futures plunged again, spot market improved mildly [SMM South China Spot Aluminum Daily Review]

Published: Jun 30, 2026 12:09

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SMM June 30 news:

The futures market plummeted again today, and the spot market in South China improved slightly. The absolute price hit a new recent low, making cargo holders more determined to hold back from selling. Sellers' room for selling was significantly limited, with almost no discounts. However, hedged positions continued to push for timely monetization amid falling prices while the spot-futures price spread remained high. Mainstream quotations were at a premium of 0 to +10 yuan/mt, neither high nor low, and availability tightened somewhat compared with earlier. Demand side, downstream dip-buying demand increased somewhat, but some bearish wait-and-see sentiment limited the scale of increase, and the buying strength was mild. Traders remained reluctant to enter the market, only purchasing on an as-needed basis to fulfill orders. There was almost no replenishment by intermediaries. Overall transactions were lukewarm. Spot transaction prices were concentrated at a discount of 20 yuan/mt to a premium of 20 yuan/mt against the SHFE aluminum 2607 contract.

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