[SMM Spot Aluminum Midday Review: Center Pulled Back in Morning Session, Market Just-in-Time Procurement Improved]

[SMM Aluminum Morning Meeting Summary: Mixed Sentiments, Aluminum Prices Expected to Fluctuate] Macro side, the phone call between China and the US may lead to a de-escalation of the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals side, the operating capacity of domestic primary aluminum remains stable, and the reduction in casting ingot volume has temporarily maintained the destocking trend of domestic aluminum ingot inventory. Cost side, the impact of the Guinea mine incident on alumina prices has eased somewhat, and the real-time cost of primary aluminum has declined slightly MoM. Demand side, it is facing dual pressures from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of domestic aluminum processing enterprises will be under pressure, and the off-season atmosphere is becoming more pronounced. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingots in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are expected to remain volatile and range-bound in the short term.

[Daily Commentary on ADC12 Prices: Spot Market Prices Remain Stable on the Eve of Cast Aluminum Alloy Futures Listing] Today, the SMM A00 aluminum price fell by 20 yuan/mt from the previous trading day to 20,210 yuan/mt, while the domestic SMM ADC12 price remained stable within the range of 19,900-20,100 yuan/mt.

[SMM Spot Aluminum Midday Review: Downstream Demand Gradually Declines, Spot Premiums Under Pressure] Under the high price spread between futures contracts structure, suppliers are facing increased pressure to hold inventory, and are more motivated to sell. However, downstream consumption has begun to weaken, with some processed materials operating at reduced capacity. The market is generally trading at a discount of 10 yuan/mt to the SMM benchmark.