[SMM Midday Review of Spot Aluminum: East China's Destocking Exceeds Expectations, Suppliers Show Strong Willingness to Refuse to Budge on Prices] Inventory side, according to SMM's domestic aluminum ingot inventory data, domestic aluminum ingot inventory stood at 557,000 mt on May 22, a decrease of 28,000 mt from Monday. In the short term, the relatively low arrival of aluminum ingots in east China is conducive to the rise in premiums and discounts, and subsequent attention should be paid to changes in demand.

Overnight, LME copper opened at $9,542.5/mt, rose initially and peaked at $9,567/mt, then fluctuated downward throughout the session, dipping to a low of $9,487/mt near the close, and finally closed at $9,487/mt, down 0.71%.

[SMM Aluminum Morning Meeting Summary: Macro Pressures Combined with Off-Season Demand Lead to Overnight Aluminum Price Decline] Macro perspective, dragged down by the US Fed's cautious stance on the economy, the US dollar fell again on Tuesday. Domestically, signals of monetary policy easing were released, 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 sentiment-based cost support for alumina. The demand side is facing dual pressures from domestic seasonal weakness and trade uncertainties, making significant short-term growth difficult. 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.

[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.