China's Secondary Aluminum Alloy Ingot Inventory Rises by 1,009 mt to 29,400 mt Across All Regions

[Domestic and LME Aluminum Prices Weakened in Tandem, Market Divergence Narrowed] Overall, geopolitical risks persisted outside China and the supply landscape tightened, providing fundamental resilience for LME; in China, high inventory combined with weak demand continued to constrain price rises. Recently, domestic and LME aluminum prices weakened in tandem, and the divergence between the two narrowed.

[SMM Cast Aluminum Alloy Morning Comment: Futures Plunged Sharply, Aluminum Alloy Prices in the Doldrums] The aluminum alloy 2606 contract fell sharply in the overnight night session, opening at 23,075 yuan, reaching a high of 23,085 yuan, hitting a low of 22,945 yuan, and closing at 22,990 yuan, down 160 yuan from the previous settlement price, a decline of 0.69%.

The US Fed's two-day policy meeting has officially begun. This meeting is very likely the last one during Powell's tenure as Fed Chairman, and the market widely expects the US Fed to keep its current policy unchanged at this meeting. During the meeting, several key points deserve close attention: the potential impact of oil price trends on inflation, possible policy adjustments triggered by the transition of power at the US Fed, and whether Powell will continue to serve as a Fed governor.