SMM Aluminum Spot Commentary: Pre-Weekend JIT Inventory Boost Amid Declining Stocks, Narrow Henan-Shanghai Price Gap

**SMM Aluminum Spot Afternoon Commentary: Pre-Weekend Increase in Just-in-Time Inventory Replenishment by Downstream Industries; Narrowing Price Gap between Henan and Shanghai**

SMM Report on November 1

According to the latest inventory data from SMM, domestic aluminum social inventory saw a significant decline this week. Specifically,到货量（这里应理解为到货或入库量）was relatively low in the Wuxi and South China markets, coupled with fewer direct shipments to some end-users, which led to an increase in demand for withdrawals from warehouses. The weekly outbound shipment data also showed a positive rebound. As of Thursday, inventory in the Wuxi area decreased by 11,000 tonnes to 186,000 tonnes compared to Monday of this week, while inventory in the Gongyi area decreased compared to Monday of this week by...