[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2606 contract opened at 24,140 yuan/mt today, rose to a high of 24,245 yuan/mt during the session before weakening, hitting a low of 23,935 yuan/mt, and finally closed at 24,040 yuan/mt, down 115 yuan/mt from the previous close, a decline of 0.48%. Spot side, ADC12 market prices remained largely stable today. The upward momentum in primary aluminum prices slowed, weakening cost-side drivers. Meanwhile, downstream demand remained persistently weak, with purchases mainly driven by rigid demand. Against the backdrop of ample low-priced supply and intensifying price competition, enterprises generally lacked the motivation to raise their quoted prices. However, purchase activities by futures-spot traders provided som

[SMM Cast Aluminum Alloy Morning Comment: Cast Aluminum Alloy Swung Wildly in Night Session to Close Higher, ADC12 Moved Sideways Driven by Cost] The most-traded cast aluminum alloy contract surged to an intraday high of 24,245 yuan/mt overnight before pulling back rapidly, once probing the low of 24,035 yuan/mt during the session, exhibiting a pattern of wild swings. Prices gradually stabilized and rebounded in the latter half of the night session, with the center steadily rising amid repeated tug-of-war around the average price line, recovering most intraday losses by the close. It finally settled at 24,155 yuan/mt, up 0.04% from the previous close.

[Short-Term Supply-Demand Resonance, Bullish Trend in Aluminum Prices Continues] Overall, the Middle East negotiation process experienced repeated setbacks, but the supply gap outside China and continued LME inventory drawdown supported LME prices to hold up well. China's aluminum ingot inventory remained at elevated levels, and attention should be paid to whether a turning point in domestic inventory can materialize smoothly.

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China was flat MoM at 64.7%. such as can stock, energy storage, and automobiles. However, aluminum prices fluctuated at highs, exports to the Middle East were impeded, and some end-use consumption recovered less than expected, limiting upside room for the operating rate. The industry exhibited the characteristics of “steady with progress and structural divergence.”

[Weekly Review of Aluminum Scrap and Secondary Aluminum]Rising Primary Aluminum Prices Push Up Costs, While Weak Supply and Demand Constrain Secondary Aluminum Gains

[SMM Express] SHFE data showed that on April 15, the total registered cast aluminum alloy warrants stood at 30,283 mt, a decrease of 213 mt from the previous trading day. By region, Shanghai registered 1,822 mt (unchanged), Guangdong 11,603 mt (down 183 mt), Jiangsu 3,879 mt (down 30 mt), Zhejiang 8,170 mt (unchanged), Chongqing 3,603 mt (unchanged), and Sichuan 1,206 mt (unchanged) from the previous trading day.

[SMM Aluminum News Flash] According to SMM statistics, the social inventory of secondary aluminum alloy ingots in China's major consumption areas increased by 1,100 mt WoW Thursday, marking the first inventory buildup since February. The main driver behind this round of inventory rebound was the significant narrowing of the spot-futures price spread, which squeezed arbitrage opportunities for spot-futures traders and hindered shipments. This was compounded by a marginal weakening of demand recently, accelerating the transfer of enterprise inventory to social inventory.

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2606 futures contract opened at 24,095 yuan/mt today, hitting an intraday high of 24,200 yuan/mt and a low of 23,735 yuan/mt, before closing the morning session at 24,000 yuan/mt, down 0.54%. Spot side, driven by a significant rise in primary aluminum prices, cost support strengthened notably, and most enterprises chose to raise prices by 100 yuan/mt. However, demand side, downstream acceptance of high prices was limited, transactions were lackluster, and some enterprises lacked the momentum to raise prices, opting to hold steady and wait.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum alloy futures closed up 1.64% overnight as bullish sentiment heated up] The aluminum alloy 2606 contract opened at 23,755 yuan/mt overnight and closed sharply higher at 24,130 yuan/mt. At the beginning of the night session, prices moved sideways around the opening level with a steady trend. Mid-session, bulls pushed prices up rapidly, driving futures to the intraday high of 24,200 yuan/mt. Prices then pulled back slightly and consolidated, running above the intraday VWAP throughout the session, indicating a solid bullish structure.

[SMM Express] SHFE data showed that on April 15, the total registered cast aluminum alloy warrants stood at 30,496 mt, an increase of 62 mt from the previous trading day. By region, Shanghai registered 1,822 mt (down 90 mt), Guangdong 11,786 mt (down 60 mt), Jiangsu 3,909 mt (down 29 mt), Zhejiang 8,170 mt (up 151 mt), Chongqing 3,603 mt (unchanged), and Sichuan 1,206 mt (unchanged) from the previous trading day.