SMM June 4 News:
[SMM] On June 4, SMM A00 aluminum (Foshan) was quoted at 24,130, down 190, at a discount of 190 to the current-month contract, narrowing by 60 (unit: yuan/mt).
Futures stopped rising and turned lower today, while spot cargo in South China bucked the trend and stabilized with improvement. Tight arrivals coupled with steady inventory destocking actually reinforced holders' buy-on-dip bullish expectations amid the price pullback. Major sellers took the lead in holding prices firm and pushing them higher with a particularly resolute stance, and circulating supplies were notably tight. The demand side recovered in tandem: downstream buyers steadily increased restocking purchases as prices pulled back; traders also actively entered the market to purchase at relatively low levels; major players directly raised prices to purchase and make markets, forming a multi-layered demand support overlay effect. The supply-demand pattern between buyers and sellers trended toward a tight balance, and overall market transactions were relatively active. Spot transaction prices were concentrated at a premium of -210 yuan/mt to -170 yuan/mt over the SHFE aluminum 2606 contract.
