Market: The most-traded SHFE 2409 aluminum contract opened at 19,295 yuan/mt overnight, reaching a high of 19,355 yuan/mt and a low of 19,205 yuan/mt, and closed at 19,310 yuan/mt, up 175 yuan/mt, or 0.91%. The previous trading day, LME aluminum opened at $2,234.5/mt, reached a high of $2,324.5/mt and a low of $2,229.5/mt, and closed at $2,315/mt, up $77/mt, or 3.44%.
Summary: The expectation of a US Fed rate cut together with escalating regional conflicts drove aluminum prices higher in the night session. However, on the fundamentals side, aluminum still shows a pattern of increasing supply and weak demand, with social inventories at a high level for the same period. In the short term, both macro and fundamental factors are mixed, and aluminum prices may experience wide fluctuations.
![El precio de la alúmina retrocede tras un rápido ascenso con una consolidación de volumen decreciente; el índice spot deja de caer y repunta ligeramente; el patrón de oferta fuerte y demanda débil se mantiene sin cambios [Comentario matutino de SMM sobre la alúmina]](https://imgqn.smm.cn/usercenter/SBQYr20251217171651.jpg)
![El aluminio en la SHFE sigue subiendo; el diferencial de precios Guangdong-Shanghái atrae significativamente el traslado de mercancías [Revisión de mediodía del aluminio al contado de SMM]](https://imgqn.smm.cn/usercenter/VTjoW20251217171653.jpg)
