SMM

SMM Morning Comment on Alumina: Recently, there have been reports of minor alumina production cuts and maintenance in northern regions, coupled with a surge in domestic alumina export news, which has boosted alumina prices and improved market bearish sentiment. This week, spot alumina prices rebounded slightly. However, with the slight rebound in domestic spot alumina prices and the decline in overseas spot alumina prices, the domestic alumina export window has gradually closed. Currently, alumina operating capacity remains at a high level, while the incremental demand for aluminum is limited. The fundamental structure has yet to undergo a complete reversal, and resistance at the top of alumina prices persists. In the short term, alumina prices may enter a phase of fluctuation and adjustment. Moving forward, it is necessary to continuously monitor the alumina export window and changes in alumina operating capacity.