SMM, September 7:
SHFE aluminum futures were largely unchanged from the previous trading day today, with the center gradually rising in early trading, while spot market transaction prices showed signs of weakening under pressure. However, weekend destocking was solid, and quotes were firm at the open. Early spot transactions were concentrated at a premium of 20 yuan/mt against the SHFE aluminum 2609 contract. The mainstream A00 aluminum ingot transaction range today was from parity to a premium of 40 yuan/mt.
The central China market remained sluggish today, but recovered slightly WoW. The actual transaction price range in central China was around a discount of 120-140 yuan/mt against the SHFE aluminum 09 contract.
On the inventory side, aluminum ingot inventory in major consuming regions fell by 7,500 mt WoW today, with destocking across all three regions.
