SMM

[SMM Aluminum Morning Meeting Summary: Aluminum Market Sees Dual Growth in Supply and Demand, Short-Term High-Level Fluctuations Expected to Continue] On the fundamentals side, the aluminum supply side faces renewed pressure from production resumption, with domestic aluminum operating capacity in February expected to see a slow increase. The average spot price of alumina continues to weaken, driving aluminum costs to extend their downward trend, with cost-side support continuing to weaken. As both supply and demand show growth, and post-holiday demand recovery exceeds expectations, aluminum futures and spot prices are able to remain strong despite the lack of cost support.