On June 30, the average warrant price remained unchanged from the previous trading day, reported at $68/mt (price range: $64-72/mt); the average B/L price remained unchanged from the previous trading day, reported at $69/mt (price range: $64-74/mt); the average price for EQ copper (CIF B/L) remained unchanged from the previous trading day, reported at $41/mt (price range: $37-45/mt), with quotes referencing cargoes arriving in early July. As the SHFE/LME price ratio weakened during the week, and last week's concentrated transactions of cargoes, combined with the June 30 period, market activity was low today. It was heard that a small number of B/Ls for EQ copper arriving in early August were quoted at $50-55/mt, and registered warrants arriving in August were quoted at $80/mt.

[SMM Flash] SHFE data shows that on June 30, total registered warrants for cast aluminum alloy stood at 29,603 mt, down 1,863 mt from the previous trading day. Among them, registered totals by region: Shanghai 3,260 mt, down 60 mt; Guangdong 4,801 mt, down 119 mt; Jiangsu 6,271 mt, down 449 mt; Zhejiang 9,708 mt, down 210 mt; Chongqing 4,718 mt, down 149 mt; Sichuan 845 mt, unchanged from the previous trading day.

[SMM Aluminum Express] On June 30, SHFE aluminum futures warrants registered 438,962 mt, a decrease of 3,403 mt from the previous trading day. Over the past week, SHFE aluminum futures warrants fell by a total of 38,272 mt, a decline of 8.02%. Over the past month, SHFE aluminum futures warrants fell by a total of 46,550 mt, a decline of 9.59%.

[Strait of Hormuz Control Dispute Continues; Bearish Factors Dominate Short-Term Aluminum Prices] The Strait of Hormuz control dispute continues, and the resumption of navigation in the strait remains uncertain. The US Fed’s hawkish pivot boosted the US dollar index, and non-ferrous metal prices were suppressed. Under macro headwinds, aluminum prices in and outside China fell. In the short term, bearish factors dominate, and aluminum prices are expected to remain in the doldrums.

[SMM Flash] SHFE data showed that on June 29, the total registered volume of cast aluminum alloy warrants was 30,590 mt, down 1,863 mt from the previous trading day. Among them, the total registered volume in Shanghai was 3,320 mt, down 208 mt; in Guangdong, 4,920 mt, down 421 mt; in Jiangsu, 6,720 mt, down 663 mt; in Zhejiang, 9,918 mt, down 361 mt; in Chongqing, 4,867 mt, down 210 mt; and in Sichuan, 845 mt, up 0 mt from the previous trading day.

Today, SHFE aluminum futures saw a slight correction, and the transaction atmosphere in the central China market was mainly sluggish. Downstream processing enterprises' buying sentiment was low, and recently traders have been selling a large number of low-priced warrants, leading to ample market supply; suppliers were selling in a price-collapse-like manner, and their willingness to hold prices firm was weak. Ultimately, the actual transaction price range in the central China market was around a discount of 20-50 yuan/mt against the SHFE aluminum July contract, with prices showing a weakening trend.