Bechtel to Lead Engineering for New US Primary Aluminum Smelter in Oklahoma

[SMM Analysis]ADC12 Prices Accelerated Rise to Hit Highs in January, Center Expected to Pull Back in February

[SMM Aluminum Morning Meeting Minutes: Seasonal Weakness Pressure Dominates, Aluminum Prices in the Doldrums] In summary, under the influence of earlier macro headwinds, a large amount of capital exited with profits, aluminum prices pulled back, and open interest decreased; however, as precious metals did not show a further downward trend, aluminum prices stabilized accordingly. In the short term, aluminum prices are expected to consolidate.

The alumina futures 2605 contract opened overnight at 2,865 yuan/mt, reached a high of 2,874 yuan/mt during the session, touched a low of 2,852 yuan/mt, and ultimately closed at 2,862 yuan/mt. On the futures front, trading volume shrank significantly by 610,000 lots to 168,000 lots, indicating a notable decline in market activity; open interest decreased by 2,482 lots to 3.31 million lots, reflecting a more cautious funding sentiment. From a technical perspective, the short-term moving average MA5 (2,871) is near the current closing price, while MA10 (2,828.1) and MA30 (2,816.43) form successive support levels below, presenting an overall consolidation pattern.