Futures Rose Again Today, Spot Aluminum Showed Good Resilience [SMM South China Aluminum Spot Daily Review]

Published: Jul 3, 2026 11:38

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SMM July 3:

The daytime session continued to surge today, and spot southern China showed resilience. The consecutive rise in absolute prices spurred some speculative cargo to accelerate outflows for monetization, causing downward disruptions, but with high futures and a stagnant spot-futures price spread, hedging parties largely held prices firm, unwilling to join the rush to sell. Mainstream quotations were at a premium of -10 to +10 yuan/mt, with a certain gap, and overall circulation pressure remained controllable. Demand side, aluminum prices remaining relatively low supported stable just-in-time procurement by downstream players, and traders gradually entered the market to purchase at non-premium levels, with moderate absorption capacity, but both showed little willingness to chase the rally or add positions, lacking elasticity. The supply-demand pattern was lukewarm, and overall transactions were stable and predictable. Spot transactions concentrated at a premium of -20 yuan/mt to 20 yuan/mt against the SHFE aluminum 2607 contract.

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