》Check SMM aluminum product quotes, data, and market analysis
SMM News on June 11:
Today, the most-traded SHFE aluminum 2507 contract opened at 20,005 yuan/mt, with a high of 20,285 yuan/mt, a low of 20,005 yuan/mt, and closed at 20,250 yuan/mt, down 1.25%. Trading volume was 199,000 lots, and open interest was 195,000 lots.
SMM Commentary: Overall, on the macro front, the Sino-US consultation meeting may lead to a de-escalation of the trade war, while the rebound in China's May manufacturing PMI and improved export indicators provide demand support, indicating that the resilience of the domestic economy remains. On the fundamental side, the current low inventory and expectations of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, with aluminum prices likely to remain rangebound in the short term.
Today, the most-traded alumina 2509 contract opened at 2,887 yuan/mt, with a high of 2,918 yuan/mt, a low of 2,868 yuan/mt, and closed at 2,895 yuan/mt, unchanged. Trading volume was 328,000 lots, and open interest was 295,000 lots.
SMM Commentary: Last week, the operating capacity of alumina increased by 600,000 mt/year to 87.27 million mt/year. It is understood that some imported alumina has arrived at Chinese ports. With supply recovering and no significant changes in demand, the total inventory of alumina at aluminum smelters increased by 19,000 mt to 2.63 million mt last week. As of June 10, the price of imported alumina remained at a loss, and the import window was closed. In the short term, the alumina market fundamentals will remain relatively loose, and spot alumina prices are expected to be in the doldrums. Subsequent attention should be paid to changes in the capacity of domestic alumina enterprises and the transportation of previously imported alumina.
Today, the most-traded cast aluminum alloy 2511 contract opened at 19,200 yuan/mt, with a high of 19,525 yuan/mt, a low of 19,200 yuan/mt, and closed at 19,400 yuan/mt, up 0.91%. Trading volume was 30,000 lots, and open interest was 10,000 lots.
SMM Commentary: In the spot market, today's SMM A00 aluminum price increased by 240 yuan/mt from the previous trading day to 20,400 yuan/mt, while the domestic SMM ADC12 price remained stable in the range of 19,800-20,000 yuan/mt. Today, the ADC12 market generally maintained stable quotes or increased by 100 yuan/mt. Currently in the off-season, weak demand continues to suppress the upside room for its price, while the cost side provides some support. In the short term, spot ADC12 prices will remain rangebound, and the discount status to A00 aluminum may continue. In the import market, the CIF quote for imported ADC12 continued to rise slightly to $2,400-2,420/mt, and the import spot price was reported around 19,100 yuan/mt, with the immediate import loss widening again to 600 yuan/mt. The local ADC12 price in Thailand (excluding tax) was 81-81.5 Thai baht/kg.
[The information provided is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make decisions cautiously and should not replace their own independent judgment with this information. Any decisions made by customers are not related to SMM.]
