The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 7 Feb, 2025

[ADC12 Price Daily Review] The center of aluminum prices continued to move upward today, with spot SMM A00 aluminum prices rising by 240 yuan/mt from yesterday to 20,470 yuan/mt, and some secondary aluminum prices followed the increase.

[SMM Aluminum Futures Brief Review: SHFE Aluminum Surges, Alumina Prices Fluctuate Downward] Fundamentals side, several aluminum smelters in Sichuan have gradually resumed production recently, leading to renewed pressure on the aluminum supply side. The average spot price of alumina in February is expected to drop significantly, further weakening cost side support. Demand side, it is still the off-season, but with the end of the Chinese New Year holiday, aluminum processing enterprises are gradually resuming operations, and downstream weekly operating rates have rebounded significantly, indicating an improvement in consumption. In the short term, aluminum prices are expected to fluctuate with adjustments as the main trend. Key focus in the coming days will be on U.S. economic data, post-holiday inventory performance, and the pace of downstream resumption.

[Aluminum Scrap Daily Review: Aluminum Prices Show Strong Trend, Aluminum Scrap Actively Follows the Rise]

[SMM Analysis: 2024 Imported Aluminum Alloy Ingots Up 7% YoY, Potential Decline Expected Due to Multiple Factors] According to customs data, cumulative imports from January-December 2024 reached 1.2131 million mt, up 7.1% YoY. Cumulative exports from January-December 2024 totaled 242,300 mt, up 0.3% YoY.

[SMM Spot Aluminum Midday Review: Post-Holiday Market Trading Continues to Recover, but Inventory Buildup Still Limits Premium Space]

Overnight, LME copper opened at $9,325.5/mt, then shifted lower, fluctuating rangebound in early trading. It continued to decline during the session, bottoming at $9,258.5/mt, before slightly rebounding towards the close, ultimately settling at $9,289/mt, up 0.2%.

[SMM Morning Comment on Alumina: Domestic Alumina Operating Capacity Increases, Recent Spot Alumina Fluctuates Downward] Overall, in the short term, alumina operating capacity is expected to continue increasing, and the spot alumina market remains relatively ample compared to earlier periods, with spot transaction prices continuing to decline. In the short term, there are no clear expectations for production cuts in alumina, and supply remains stable. However, some aluminum production cuts or technological transformation capacities in south-west China may gradually resume production, leading to a slight rebound in demand, though it is unlikely to reverse the relatively ample supply in the spot alumina market. Continuous attention should be paid to bauxite prices and supply conditions.

[SMM Aluminum Morning Meeting Summary: Sichuan Aluminum Plants Gradually Resume Production, Market Focuses on January Non-Farm Payrolls Data Guidance] Macro side, US initial jobless claims mildly increased last week, and the Bank of England also delivered an expected interest rate cut. Amid the absence of new tariff-related news, the market is broadly focusing on the US January non-farm payrolls report to be released on Friday. If the January data remains strong, it may further influence market expectations for future interest rate adjustments.

The U.S. imposed tariffs on Canadian, Mexican, and Chinese imports, triggering a 17% surge in the Midwest Premium to $617/ton. Canada retaliated, but a last-minute deal delayed enforcement by 30 days. If implemented, U.S. aluminium supply will tighten as Canadian exports shift to Europe, while alternative sources from the Middle East and India remain constrained. This could further inflate U.S. aluminium prices and disrupt global trade flows. The escalating trade conflict may drive market volatility, supply chain disruptions, and inflationary pressures, keeping the Midwest Premium elevated through 2025.