Short-Term Bullish Momentum Weakened, Outside-China Supply Tightens Underpinned the Aluminum Market [SMM Aluminum Morning Meeting Summary]
[Short-Term Bullish Momentum Weakened, While Tight Supply Outside China Underpinned the Aluminum Market] Against the backdrop of continued tightening liquidity on the LME, LME aluminum still had upside momentum, with strong support from prices outside China, and the backwardation structure was likely to persist in the short term. China remained in a phase of high inventory and weak spot fundamentals, with upward momentum clearly weaker than that outside China. Amid divergent domestic and external drivers, the SHFE/LME price ratio was expected to continue weakening, and aluminum prices were expected to continue fluctuating at highs in the short term.