Aluminum alloy futures shot up, came under pressure and pulled back, with spot aluminum following higher amid sluggish transactions [ADC12 price daily review]

Futures side: Today, the aluminum alloy 2609 futures contract opened at 23,140 yuan/mt, with an intraday high of 23,290 yuan/mt and a low of 23,055 yuan/mt. After the opening, bulls pushed prices to rise rapidly, and the market shot up in early trading to touch the intraday high. Subsequently, bullish momentum slowed down, and prices pulled back from high levels in consolidation, overall remaining above the average price line. Futures maintained a pattern of consolidating on a strong note, with the fluctuation center rising. Resistance gradually emerged, open interest decreased during the session, and the short-term tug-of-war between longs and shorts at high levels intensified.

Spot side Today, ADC12 market quotations showed a broad upward trend, with most enterprises posting an increase of 100 yuan/mt. Driving factors: influenced by the continuous rise in primary aluminum prices and futures, cost support further strengthened, leading enterprises to generally follow the uptrend. However, on the demand side, as the hot holiday arrived, downstream enterprises' operating rates declined, secondary aluminum plants saw reduced orders, and the pace of shipments slowed down, with actual transactions remaining subdued. In the short term, the market is expected to maintain a tug-of-war between cost support and demand constraints. Future price trends will need to closely track aluminum price fluctuations and changes in downstream purchasing demand.

Import side, outside China ADC12 quotations ranged from $3,050/mt to $3,160/mt. As domestic prices rose, the per-ton import instant loss narrowed again to around 600 yuan.