SMM Aluminum Futures Review: SHFE Surges Amid Supply Pressures and Demand Recovery

[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 decline 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 and adjust. Key focus in the coming days will be on U.S. economic data, post-holiday inventory performance, and the pace of downstream resumption.