SMM

This week, US Fed inflation data came in below expectations, reigniting market expectations for an interest rate cut. Coupled with tariff fluctuations during the week, the macro front continued to release upward momentum. Domestically, the turning point in aluminum ingot inventory destocking was consolidated, and the fundamentals remained robust. During the week, the SHFE aluminum center broke above the 21,000 yuan/mt threshold. Although downstream orders maintained an increasing pace during the "Golden March and Silver April" period, the high aluminum prices suppressed current trading, and aluminum billet processing fees remained at low levels. SHFE aluminum fluctuated at high levels near the round-number threshold during the week, with downstream buyers showing strong aversion to high prices and focusing mainly on just-in-time procurement. Suppliers sold at high levels, and low-priced circulating supply was abundant in the market, leading to weaker actual trading volume. In the Foshan market, trading faced significant resistance, with aluminum billet prices quoted at 70/120 yuan/mt, down 30 yuan/mt from last Thursday. In the Wuxi market, trading showed signs of weakening, with processing fees quoted at 100/150 yuan/mt, down 30 yuan/mt from last Thursday. In the Nanchang region, aluminum billet processing fees fluctuated rangebound, with downstream buying sentiment showing no improvement. Processing fees were quoted at 100/150 yuan/mt, up 30 yuan/mt.