Strait Stalemate Unresolved on the Eve of U.S.-Iran Talks, Supply Hard Damage Supports Aluminum Prices Fluctuating at Highs [SMM Aluminum Morning Meeting Minutes]
[Strait Stalemate Unresolved on Eve of U.S.-Iran Talks; Hard Supply Damage Supports Aluminum Prices Fluctuating at Highs] Overall, the macro perspective of restricted strait passage and conflict escalation risks resonated with the fundamental hard supply damage and low global inventory, jointly providing strong bottom support for aluminum prices. However, weak interest rate cut expectations, higher-than-expected aluminum ingot inventory buildup in China, and adverse expectations on consumption and inflation from recent high oil price fluctuations all notably weighed on the upside room for aluminum prices. In the short term, aluminum prices exhibited a trend of fluctuating at highs.