Ex-China Supply Disruptions Combined with Macro Recovery Strengthen Aluminum Price Rise Momentum [SMM Aluminum Morning Meeting Minutes]
[Ex-China Supply Disruptions Combined with Macro Recovery Strengthen Upside Momentum for Aluminum Prices] The risk of ex-China aluminum supply disruptions has not yet subsided, and the ex-China aluminum ingot supply-demand gap will continue to provide support for aluminum prices. Meanwhile, tightened invoicing has restricted aluminum ingot spot liquidity, and a weakening spot market will limit upside room for domestic aluminum prices. However, since April, China's export orders have remained positive, and combined with recent macro tailwinds, a turning point in China's social inventory is expected to emerge, boosting upside momentum for aluminum prices.