SMM Aluminum Futures Brief: SHFE Aluminum Steadily Rises, Alumina Prices Volatile, Short-term Outlook Bearish

[SMM Aluminum Futures Brief: SHFE Aluminum Climbs Steadily, Alumina Prices Jump Initially and Then Pull Back]

Demand side, according to SMM statistics, the increase in domestic aluminum ingot production during this year's Chinese New Year exceeded both last year's level and the average of recent years, exerting certain pressure on short-term aluminum prices. Additionally, the market remains in the off-season, with downstream consumption yet to recover, leading to oversupply and a continued expansion of spot discounts. In the short term, aluminum prices are expected to fluctuate downward. Recent focus should be on the progress of tariff-related events, post-holiday inventory performance, and the pace of downstream resumption.