Last Friday night, the aluminium alloy 2606 contract moved downwards after a higher opening, opening at RMB 23,415 per tonne, rising to a high of RMB 23,485 per tonne before pulling back in a fluctuating trend, dipping to RMB 23,380 per tonne at the close and settling at that price, down RMB 15 per tonne from the previous close, a slight decline of 0.06 per cent. Trading volume was 2,131 lots and open interest was 14,880 lots, both pulling back from previous levels, indicating weak willingness for capital participation. The intraday trend showed a pattern of fluctuating downward after hitting highs, with the closing price falling below the average price line. Short-term bullish momentum was insufficient, and prices were in the doldrums.
Spot-futures price spread daily report: According to SMM data, on April 24, the SMM ADC12 spot price had a theoretical premium of RMB 625 per tonne over the most-traded cast aluminium alloy contract (AD2606) closing price at 10:15 AM.
Warrant daily report: SHFE data showed that on April 24, total registered warrants for cast aluminium alloy stood at 30,312 tonnes, down 122 tonnes from the previous trading day. Among them, Shanghai had a total registered volume of 1,822 tonnes, unchanged from the previous trading day; Guangdong had a total registered volume of 11,029 tonnes, down 61 tonnes from the previous trading day; Jiangsu had a total registered volume of 3,721 tonnes, down 61 tonnes from the previous trading day; Zhejiang had a total registered volume of 8,691 tonnes, unchanged from the previous trading day; Chongqing had a total registered volume of 3,543 tonnes, unchanged from the previous trading day; Sichuan had a total registered volume of 1,506 tonnes, unchanged from the previous trading day.