Aluminium alloy futures price drifts higher, spot aluminium steady with slight gains

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Futures: The aluminium alloy 2610 contract opened today at RMB 23,440 per tonne, with an intraday fluctuation range of RMB 23,420–23,545 per tonne, and closed at noon at RMB 23,520 per tonne, up 55 yuan from the settlement price, an increase of 0.23 per cent. Intraday futures drifted higher, with multiple shots up to test highs during the session, and overall trading remained firmly above the average price line. Trading volume for the day was 6,114 lots, while open interest increased to 18,342 lots, up 307 lots, with continuous fund inflows pushing the market higher.

Spot: Today, ADC12 market quotes predominantly consolidated on a strong note, with the SMM ADC12 price edging up by RMB 50 per tonne. Primary aluminium prices still provided cost support, and enterprises' willingness to hold prices firm persisted.

However, end-use demand remained weak, and the downstream procurement pace was cautious. Market transaction improvement was limited, with insufficient downward price adjustment momentum and demand constraints hindering upward transmission. In the short term, the ADC12 market is expected to maintain a consolidation pattern characterized by both cost support and demand pressure. Import side, ex-China ADC12 quotes stood at USD 3,050–3,190 per tonne, while the immediate import loss held steady at around RMB 827 per tonne.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.