SMM Aluminum Morning Meeting: Production Up, ECB Rate Cuts Slowing, Demand Weakening

[SMM Aluminum Morning Meeting Summary: Aluminum Production Up YoY, ECB Interest Rate Cuts May Slow]

Macro front, the pace of interest rate cuts by the European Central Bank may slow, coupled with the market's pessimism about the extent of US Fed rate cuts next year, keeping base metals under pressure. Fundamentals side, multiple aluminum smelters in Sichuan and Guangxi reduced production in December, with some capacity resumption progress stalled, but production still showed positive YoY growth. Demand side, under the off-season for consumption, market demand continued to weaken, and the operating rate of the aluminum processing industry declined steadily...