China's Jan NEV Wholesale Sales Up 1%, Tesla China Sees 9.3% YoY Growth

[SMM Aluminum Morning Meeting Minutes: Aluminum Ingot Inventory Buildup Pressure Rises, Aluminum Prices Mainly Under Pressure] In summary, amid the impact of previous macro headwinds, a large amount of capital took profits and exited the market, leading to a pullback in aluminum prices and a decrease in open interest. However, as precious metals did not show further signs of decline, aluminum prices stabilized accordingly. In the short term, aluminum prices are expected to consolidate with volatility.

[SMM Cast Aluminum Alloy Morning Comment: Pre-Holiday Atmosphere Heats Up, Secondary Aluminum Market in the Doldrums] Overnight, the most-traded aluminum alloy 2604 futures contract opened at 22,195 yuan/mt, pulled back after opening, and hit a low of 22,010 yuan/mt. The price then rebounded to 22,100 yuan/mt and consolidated, eventually closing at 22,175 yuan/mt, up 130 yuan/mt or 0.59% from the previous close, with bulls mainly increasing their positions.

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.