Macro Disturbances Suppress Price Elasticity, SHFE Aluminum's Fundamental Support and Demand Release Continue to Compete [SMM Aluminum Futures Brief Review]
【SMM Aluminum Futures Review: Macro Disturbances Suppress Price Flexibility, SHFE Aluminum's Fundamental Support and Demand Release Continue to Compete】Today, SHFE aluminum price fluctuations were primarily driven by macro sentiment. The unexpected acceleration of US core PCE inflation and the repeated disturbances from tariff policies suppressed price flexibility. Meanwhile, the fundamentals maintained bullish support, with the seasonal destocking of "Golden March and Silver April" accelerating, and aluminum ingot inventory approaching the 800,000 mt mark. Coupled with the recovery of downstream restocking demand and the rebound in operating rates, the bottom support for aluminum prices remained solid. Alumina also faced downward pressure, mainly due to the alleviation of supply tightness by imported bauxite, the reduction of procurement demand as aluminum plants actively destocked, and the ample supply of circulating goods. The market's short-term focus remained on the competition between macro policies and the actual release of demand.