[SMM Aluminum Morning Meeting Summary: Macroeconomic Variables Arise Again, Downstream Demand Falls to Its Lowest Point]: On the macroeconomic front, the probability of Trump's election has increased. With the conclusion of the 20th CPC Central Committee's Second Plenary Session, there may be new favorable news to materialize, coupled with the resurgence of variables in the Palestine-Israel conflict and the Russia-Ukraine war, adding uncertainty to the market in recent days. Fundamentally, the supply of domestic electrolytic aluminum operations has increased, and there is still some capacity to be resumed. Downstream aluminum processing and terminal demand have entered the off-season, with the operating rate of the aluminum processing industry falling to its lowest point. Social inventory depletion is weak and remains at a high level compared with the same period in the past three years. The spot price may maintain a discount in the short term...
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