Overnight, the aluminium alloy 2608 contract opened higher, then retreated after rapid rise, reaching a high of RMB 23,465 per tonne and a low of RMB 23,005 per tonne, closing at the settlement price of RMB 23,251 per tonne. The minutely chart showed that after the night session opened, prices quickly surged to around 23,465, then fluctuated downward, with a slight rebound near the close. The RSI indicator was already in overbought territory.
Trading volume declined from the previous period, while open interest edged up by 121 lots. Overall, after the rapid rise met resistance and pulled back, stabilising near the close, the contract fluctuated upward. In the near term, attention should be paid to the effectiveness of support at RMB 23,200 per tonne.
Spot-Futures Price Spread Daily: According to SMM data, on June 10, the SMM ADC12 spot price had a theoretical premium of 880 over the closing price at 10:15 of the most-traded cast aluminium alloy contract (AD2607).
Warrant Daily: SHFE data showed that on June 10, total registered warrants for cast aluminium alloy stood at 39,224 tonnes, up 358 tonnes from the previous trading day. Among them, Shanghai registered 2,897 tonnes, up 0 tonnes; Guangdong registered 8,648 tonnes, down 153 tonnes; Jiangsu registered 8,041 tonnes, up 481 tonnes; Zhejiang registered 12,754 tonnes, up 88 tonnes; Chongqing registered 5,889 tonnes, down 58 tonnes; Sichuan registered 995 tonnes, up 0 tonnes.