Summary of SMM Aluminum Morning Meeting: US Q2 GDP exceeded expectations, US stocks rebounded overnight, aluminum under pressure. On the fundamentals, electrolytic aluminum production in Yunnan region accelerated, and it is expected that some large enterprises will be fully operational by the end of August, and the total production capacity of domestic operation will break the historical record. However, at present, the amount of production is mainly aluminum liquid, and there is no great pressure on aluminum ingot supply. The downstream off-season domestic aluminum ingot inventory accumulation is not as expected, giving support to aluminum prices. In the short term, the inventory inflection point has not yet appeared.
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