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[Destocking Logic Continues to Materialize, Macro Pressure Caps Aluminum Price Upside] SMM maintains its forecast that inventory will fall to around 1.28 million mt by late June, and is expected to further approach 1.2 million mt by end‑June/early July, providing some support for aluminum prices. However, China’s high inventory pressure remains relatively evident, and with the current bearish macro sentiment dominating the market, domestic aluminum prices will mainly fluctuate in consolidation in the short term.

[SMM Flash] SHFE data show that on June 17, the total registered warrants for cast aluminum alloy were 35,955 mt, a decrease of 727 mt from the previous trading day. Of this total, the figures were Shanghai 3,345 mt (down 61 mt), Guangdong 6,105 mt (down 241 mt), Jiangsu 7,775 mt (down 92 mt), Zhejiang 12,028 mt (down 303 mt), Chongqing 5,857 mt (down 30 mt), and Sichuan 845 mt (up 0 mt).