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  Approaching the Low Inventory Level of the Year: When Will the Inflection Point of Domestic Aluminum Ingot Inventory Buildup Appear? [SMM Analysis]

  According to SMM statistics, as of June 19, the inventory of primary aluminum ingots at major domestic consumption hubs stood at 449,000 mt, down 9,000 mt from Monday this week and 11,000 mt WoW from Thursday last week. On a YoY basis, it was down 307,000 mt compared to the same period last year and 69,000 mt compared to the same period in 2023, remaining at a low level compared to the same period over the past three years. It was also just a stone's throw away from the year's low inventory level of 440,000 mt, with low inventory continuing to provide strong support for aluminum prices...

• Futures market fluctuates considerably, prices move downward, market trading improves [SMM Spot Aluminum Midday Review]

  [SMM Midday Review of Spot Aluminum: Futures Market Fluctuates Considerably, Prices Decline, Market Transactions Improve] Inventory side, according to SMM's domestic aluminum ingot inventory data, domestic aluminum ingot inventory stood at 449,000 mt on June 19, experiencing a destocking of 0.9 mt compared to the previous trading day. In the short term, the relatively low arrival of aluminum ingots and the reduction in aluminum ingot inventory are conducive to high spot premiums in the spot market. However, there is a strong fear of high prices in the spot market, with downstream purchase willingness being poor. Transactions are concluded at discounts, and it is expected that the short-term spot premiums will show a narrowing trend.

• Supply tightens, coupled with delivery, social inventory of lead ingots first rises and then falls [SMM social inventory of lead ingots]

  [SMM Social Inventory of Lead Ingots: Supply Tightens Alongside Delivery, Social Inventory of Lead Ingots Rises Then Falls] This week, the SHFE lead 2506 contract entered the delivery phase. The transfer of inventory by suppliers due to delivery led to an increase in the social inventory of lead ingots. However, in the second half of the week, after the delivery, the supply re-entered the market, and downstream enterprises purchased on demand, causing the social inventory to reverse and decline.....

• Copper inventories in major regions across the country fell by 1,800 mt during the week [SMM weekly data]

• Tianjin Zinc: Futures market pulls back, traders dominate trading [SMM Midday Review]

  [Tianjin Zinc: Futures Pull Back, Traders Dominate Trading] In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at RMB 21,950-22,170 yuan/mt, with Zijin transactions at RMB 22,030-22,210 yuan/mt. Transactions for #1 zinc ingot were around RMB 21,710-21,880 yuan/mt, while Huludao reported prices at RMB 25,350 yuan/mt. Regular #0 zinc ingot was quoted at a premium of RMB 120-180 yuan/mt against the 2507 contract, with Zijin quoted at a premium of RMB 200-220 yuan/mt against the 2507 contract. Tianjin prices were quoted at a premium of around RMB 10 yuan/mt compared to Shanghai prices.