SMM Aluminum Futures: Rate Cut Expectations, Alumina Decline, and Inventory Drop Boost Prices

[SMM Aluminum Futures Brief: Strengthened Interest Rate Cut Expectations, Alumina Prices Collapse and Decline]

Macro side, US employment data fell short of expectations, strengthening expectations for multiple interest rate cuts by the US Fed this year, and the US dollar index pulled back. Domestically, the Two Sessions signaled efforts to stabilize the economy, providing macro support for aluminum prices. Fundamentals side, domestic aluminum production resumption progressed, with capacity expected to be released by the end of March. Inventory side, aluminum inventory continued destocking this week. According to the SMM survey, aluminum social inventory dropped by 18,000 mt WoW to 868,000 mt today. Additionally, with the "golden March and silver April" peak season, operating rates of aluminum processing enterprises continued to rebound, further strengthening support for aluminum consumption.