Aluminum Spot Market Slows Ahead of Long Holiday; Inventories Drop Sharply, Basis Fluctuates Narrowly

[SMM Aluminum Spot Afternoon Commentary: Aluminum Spot Market Sees Fewer Shipments Ahead of Long Holiday; Spot Basis Fluctuates Narrowly]

SMM News on September 30

According to SMM data, domestic aluminum social inventory maintained a downward trend on Monday, with inventories in Wuxi decreasing by 21,000 tonnes to 241,000 tonnes compared to last Thursday, while those in Gongyi fell by 6,000 tonnes. Total aluminum ingot inventories nationwide declined by 39,000 tonnes to 658,000 tonnes compared to last Thursday, driven primarily by pre-holiday downstream stocking-up and reduced arrivals. Part of the inventory in Foshan was shipped to the East China market last week, with more shipments expected during the holidays, driving down Foshan's inventory. However, after the holiday, Foshan...