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Aluminum prices plummeted on the 5th, with limited downstream restocking at low levels.

Today, London aluminum experienced a downward probe, with the LME three-month price reported at $2,149 per ton at 15:01 Beijing time, down $21 from the previous trading day’s settlement price, a decrease of 0.99%.

Today, the Shanghai Aluminum main contract for August 2023, opened at CNY 17,975 per ton. It reached a high of CNY 18,030 per ton and a low of CNY 17,805 per ton during the session. The settlement price from the previous day was CNY 18,040 per ton, but it closed at CNY 17,820 per ton, down by CNY 220 or 1.22%. The total trading volume for the Shanghai Aluminum main contract for August 2023 was 193,490 lots, an increase of 17,553 lots, and the open interest was 235,456 lots, an increase of 3,253 lots.

Today, Shanghai Aluminum experienced a bottoming out with an intensified decline. Overseas central banks’ efforts to combat inflation have taken the upper hand, suppressing the trend of metal prices. At the same time, weak manufacturing data for June in the domestic market has dampened market confidence. Yunnan Province has supported the resumption of production in the electrolytic aluminum industry and assured stable power supply. However, the increased supply pressure and the clear signs of weak downstream consumption in the off-season make it difficult for a significant improvement to occur. Shanghai Aluminum faces increased short-term upward pressure and is expected to continue its weak trend.

Today, the spot transaction prices for aluminum in the Yangtze River region were in the range of CNY 18,330 to CNY 18,370 per ton, down by CNY 180 per ton, with premiums ranging from CNY 80 to CNY 120. In Guangdong, the spot prices ranged from CNY 18,500 to CNY 18,550 per ton, down by CNY 180 per ton, with premiums ranging from CNY 250 to CNY 300. In the Shanghai area, the spot prices ranged from CNY 18,320 to CNY 18,360 per ton, down by CNY 200 per ton, with premiums ranging from CNY 70 to CNY 110. Today, sentiment on the spot market collapsed, as holders of goods were heavily bearish, leading to further downward adjustments in premiums as they rushed to sell to cut losses. Downstream buyers showed limited interest in restocking at lower prices, and transactions were difficult to be executed.

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