The tug-of-war between longs and shorts continues, and the most-traded aluminum alloy contract drifted higher in the morning session [ADC12 Price Daily Review].

Published: Jul 23, 2026 11:51

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[ADC12 Price Daily: The tug-of-war between longs and shorts continues, and the most-traded aluminum alloy contract drifted higher before noon.] Today, ADC12 market quotes continued to be mostly stable. In terms of market performance, the rise in primary aluminum prices provided some support to the cost of secondary aluminum alloy, but end-use demand remained weak...

Futures: This morning, the aluminum alloy 2609 contract drifted higher. It opened at 23,050 yuan/mt, reached an intraday high of 23,125 yuan/mt, dipped to a low of 23,005 yuan/mt, and by midday, the price stood at 23,105 yuan/mt, up 115 yuan/mt or 0.50% from the settlement price. After a brief dip at the open, it drifted higher steadily, with prices holding above the intraday moving average, and bulls dominated. Trading volume reached 4,888 lots, while open interest decreased by 532 lots, as some funds opted to exit. Downside support on the futures was moderate, but upside resistance near the previous high was present. The price rose at a gradual pace, the tug-of-war between longs and shorts continued, and in the short term, the market maintained a consolidation on a strong note, awaiting further breakout confirmation.

Spot: ADC12 market quotes remained stable today. From market performance, the rise in primary aluminum prices provided some cost support for secondary aluminum alloy, but end-use demand was weak, and downstream purchases maintained a just-in-time pace. Against the backdrop of the tug-of-war between cost support and weak demand, most enterprises focused on stable pricing and sales, waiting on the sidelines, with insufficient momentum to proactively adjust prices. It is expected that the ADC12 market will continue to move sideways in the short term, with subsequent attention on aluminum scrap cost changes, primary aluminum price trends, and improvement in end-user orders.

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