SMM Aluminum Morning Meeting Summary: Mixed Signals on Consumption, Fed Rate Cut Uncertainty, and Weakening Demand

[SMM Aluminum Morning Meeting Summary: Uncertainty in US Fed's Interest Rate Cut Pace, Domestic Efforts to Boost Consumption Continue]

Macro side, mixed signals persist as the Chinese government continues to push for consumption recovery, while uncertainty remains over the US Fed's interest rate cut pace. Fundamentals side, aluminum capacity remained stable in early January, while alumina fundamentals maintained a slight surplus pattern. Spot alumina prices may continue their short-term downward trend, and the cost side of the aluminum industry may keep declining. Demand side, under the off-season, market demand continues to weaken, aluminum processing industry operating rates are steadily falling, and some aluminum processing plants are approaching holiday shutdowns...