The most-traded AD2511 contract for cast aluminium alloy opened at RMB 20,050 per tonne, hit a low of RMB 20,025 per tonne, and reached a high of RMB 20,090 per tonne overnight. It finally closed at RMB 20,055 per tonne, down RMB 40 per tonne or 0.20 per cent from the previous close. Trading volume was 549 lots, with open interest at 7,897 lots, mainly due to longs reducing their positions.
Spot-Futures Price Spread Daily Report: According to SMM data, on August 19, the theoretical premium of SMM ADC12 spot price over the closing price of the most-traded casting aluminium alloy contract (AD2511) at 10:15 am was RMB 255 per tonne.
Industry Updates: (1) According to CAAM data, in July, auto production and sales were 2.591 million and 2.593 million units, up 13.3 per cent and 14.7 per cent YoY respectively. From January to July, auto production and sales were 18.235 million and 18.269 million units, up 12.7 per cent and 12 per cent YoY respectively. In July, NEV production and sales were 1.243 million and 1.262 million units, up 26.3 per cent and 27.4 per cent YoY respectively; NEVs accounted for 48.7 per cent of total new car sales. From January to July, NEV production and sales were 8.232 million and 8.22 million units, up 39.2 per cent and 38.5 per cent YoY respectively; NEVs accounted for 45 per cent of total new car sales. (2) According to the China Motorcycle Chamber of Commerce, in July, motorcycle production and sales were 1.871 million and 1.8779 million units, down 0.01 per cent MoM and up 2.25 per cent and 2.51 per cent YoY respectively. From January to July, motorcycle production and sales were 12.4932 million and 12.4993 million units, up 10.35 per cent and 10.14 per cent YoY respectively.
