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Shanghai Metal Market: Shanghai aluminum trades in a volatile range; spot transactions are mainly driven by traders’ turnover
Today, Shanghai Metal Market’s spot A00 aluminum ingots are quoted at 24,490–24,530 yuan/ton, with an average price of 24,510 yuan/ton, down 120 yuan/ton from the previous trading day. For the 2604 contract, it is quoted at a discount of 130–90 yuan/ton.
The situation in the Gulf remains uncertain, continuing to support aluminum prices. The rally in Shanghai aluminum has slowed, but the room for pullback is limited. As of the midday close, the main Shanghai aluminum contract fell by 170 yuan/ton, a decline of 0.68%.
Ahead of the holiday, downstream buyers have already completed inventory stocking. During the day, the overall demand side remained relatively weak. Traders’ circulation was comparatively active. Shanghai aluminum on the market edged down slightly, while holders raised their quotes. Today, East China aluminum ingots are quoted at a premium of around +10 versus the net benchmark price, and the 04 contract’s discount narrowed slightly to around -110. (SHMET)