SHFE aluminium futures closed modestly up (~RMB 21,960/tonne) recently, but momentum remains sluggish, hinting at limited immediate upside despite firm fundamentals.
👉 Source: AlCircle press release — https://www.alcircle.com/press-release/interest-rate-cut-expectations-fail-to-offset-off-season-realities-aluminium-prices-upside-momentum-at-high-levels-remains-limited-116542alcircle

Summary :

On Wednesday, the sales sentiment index in the east China market was 2.71, up 0.09 M-o-M; the purchase sentiment index was 2.63, up 0.03 M-o-M. SMM A00 aluminium closed at RMB 21,770 per tonne, down RMB 110 per tonne from the previous trading day, at a discount of RMB 90 per tonne against the December contract, flat from the previous trading day.

On Wednesday, trading activity in the central China market held steady. As futures prices pulled back, downstream purchase willingness rebounded. However, with wide premiums/discounts and inter-month spreads, most holders adopted a wait-and-see stance. Market supply was tight, leading buyers to raise prices successively, pushing market offers higher. Actual transaction prices eventually ranged from a premium of 10 RMB to a premium of 50 RMB over the central China price.

Article Link :

https://www.alcircle.com