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Aluminum prices fell significantly on the 9th due to limited downstream demand, with many focusing on price pressure.

Today, aluminum prices fluctuated and declined, with the LME three-month aluminum contract trading at $2,236 per ton at 15:01 Beijing time, down $6 from the previous trading day’s settlement price, a decrease of 0.27%.

The Shanghai aluminum front-month contract, 2311, opened at 19,420 yuan per ton, reached a high of 19,642 yuan per ton, and hit a low of 19,155 yuan per ton during the day. It settled at 19,490 yuan per ton on the previous day and closed at 19,165 yuan per ton, down 325 yuan, a decrease of 1.67%. The total trading volume for the Shanghai aluminum front-month contract, 2311, decreased by 73,787 contracts to 182,190 contracts for the day, and the open interest decreased by 20,620 contracts to 242,054 contracts.

Shanghai aluminum saw a sharp drop in early trading today, with a lackluster performance throughout the day. On the first trading day after the holiday, Shanghai aluminum suffered a significant decline. This was attributed to unexpected inventory buildup of aluminum ingots and aluminum bars during the holiday period, increasing market supply pressure. Meanwhile, downstream demand remained insufficient, with most end consumers opting to wait and exert downward price pressure. This led to weak spot trading. Coupled with overseas macroeconomic pressures, the aluminum fundamentals weakened, and Shanghai aluminum faced downward pressure.

Today, the spot prices in the Yangtze River region were in the range of 19,560 to 19,600 yuan per ton, down 270 yuan, with a premium of 100 to 140 yuan, down 35 yuan. In Guangdong, the spot prices were in the range of 19,270 to 19,320 yuan per ton, down 240 yuan, with a discount of 190 to 140 yuan, down 5 yuan. In the Shanghai area, the spot prices were in the range of 19,570 to 19,610 yuan per ton, down 270 yuan, with a premium of 110 to 150 yuan, down 35 yuan. Trading in the aluminum market today showed signs of weakness, as the unexpected increase in inventories during the holiday period added to the pressure on holders to sell. Downstream demand was limited, and buyers were generally cautious and focused on pushing prices lower. Overall, trading was not very ideal.

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