【SMM Alumina Morning Review: Pre-holiday stockpiling of electrolytic aluminum plants is nearing completion and downstream wait-and-see sentiment is growing】

As some electrolytic aluminum plants' pre-holiday stockpiling enters the final stage, downstream wait-and-see sentiment is growing, with market transactions being relatively light. On Tuesday, a small amount of Xinjiang warehouse receipts were traded in the spot market. In the near term, tight supply of ore and renewed restrictions on northern alumina production capacity due to heavy pollution weather warnings have led to a low production status in some southwestern alumina production areas. SMM expects the short-term tightening of spot supply to be difficult to alleviate, and domestic spot prices may fluctuate at high levels before the holiday. In addition, according to SMM's research, prices for this period continue to decline, with frequent inquiries from downstream buyers for Xinjiang warehouse receipt sources, focusing on the subsequent transaction trends and the impact of recent heavy pollution and rain and snow weather in the north on production and shipment of goods.