SMM Aluminum Morning Meeting: Continued Destocking and Policy Benefits Support Short-Term Prices

SMM Aluminum Morning Meeting Summary: Continued Destocking Over the Weekend and Domestic Policy Benefits Effectively Support Short-Term Aluminum Prices

SMM believes that continued destocking over the weekend and domestic policy benefits support short-term prices. If expectations for US Fed interest rate cuts rise or if trade relations between the US and Europe further ease, aluminum prices may continue to fluctuate upward in the short term. However, whether SHFE aluminum can return to the 21,000 yuan/mt level still requires further upward momentum. Closely monitor changes in US tariff policies and the actual release of downstream demand.