SMM Weekly Review: Downstream Wait-and-See Sentiment Growing, Spot Prices Expected to Fluctuate in the Short Term

This week, tight supply of ore and ongoing energy supply issues continue to affect the production of alumina enterprises. Demand for alumina remains relatively stable, and SMM predicts that the tight spot supply situation is unlikely to be reversed in the short term, leading to potential high-level fluctuations in domestic spot prices before the holiday. In addition, according to SMM research, spot prices continue to decline in this period, and downstream inquiries for warehouse receipts from Xinjiang region are frequent, with a focus on the subsequent transaction trends of warehouse receipts and the recent impact of snow and rain in northern regions on production and shipment of goods. From a technical perspective, the model and analysts' comprehensive forecast indicates that the SMM alumina index - average price is expected to operate in the range of [3,265, 3,400], with the price trend for next week being a high-level retreat or a strong oscillation. In terms of futures, the model predicts that the price range for the closing price of the main alumina contract will be [3,105, 3,350], with next week's price trend being a sideways oscillation...