[Daily Commentary on ADC12 Prices: Primary Aluminum Price Center Rises, While Secondary Aluminum Market Lacks Upside Momentum] SHFE aluminum ended its three-day losing streak. Today, the SMM A00 aluminum price increased by 100 yuan/mt from the previous trading day to 20,310 yuan/mt. The domestic SMM ADC12 price remained within the range of 20,300-20,500 yuan/mt.

[SMM Midday Review of Spot Aluminum: Fundamentals-Driven Destocking Provides Support for Premiums, Downstream Purchasing as Needed] Inventory side, according to SMM's domestic aluminum ingot inventory data, the three-region inventory of domestic aluminum ingots stood at 447,000 mt on May 21, with a destocking of 10,500 mt compared to the previous day. In the short term, the relatively low arrival of goods in east China is conducive to the rise in premiums and discounts, and attention should be paid to the changes in demand in the following days.

May 21 news: According to SMM statistics, on May 21, the aluminum ingot inventory in Guangdong was 234,000 mt; in Wuxi, it was 157,000 mt; and in Gongyi, it was 56,000 mt. The total inventory across these three locations was 447,000 mt, a decrease of 10,500 mt from the previous trading day.

[SMM Aluminum Morning Meeting Summary: Policy Easing Signals Boost Market Confidence, US Dollar Weakens, Overnight Aluminum Futures Rise Slightly] Macro perspective, dragged down by the US Fed's cautious stance on the economy, the US dollar fell again on Tuesday; China released signals of monetary policy easing, improving market expectations and stimulating economic growth and investment and consumption demand. Fundamentals side, there were relatively small changes in the short-term supply side; cost side, the specific impact of the Guinea incident on local bauxite supply remains to be assessed, and in the short term, it may provide cost support for alumina on a sentiment basis. Demand side, it faces dual pressures from domestic seasonal weakness and trade uncertainties, making significant growth difficult in the short term. Overall, positive macro factors and low inventory provide support for aluminum prices, but the off-season pressure on the demand side limits upside room. In the short term, attention should be paid to the performance of domestic and overseas demand, as well as the supply situation of bauxite.