SMM Aluminum Futures Brief: SHFE Aluminum Rises Amid Volatile Alumina Prices and Weakening Demand

[SMM Aluminum Futures Brief: SHFE Aluminum Center Moves Upward, Alumina Prices Jump Initially and Then Pull Back]

Fundamentals side, aluminum capacity remained stable in early January, while alumina fundamentals maintained a slight surplus pattern. Spot alumina prices may continue their downward trend in the short term, and the cost side of the aluminum industry is expected to keep declining. Demand side, under the off-season for consumption, market demand continues to weaken, aluminum processing industry operating rates are declining step by step, and some aluminum processing plants are approaching holiday shutdowns. Although pre-holiday concentrated restocking has led to an unexpected inventory reduction, temporarily boosting aluminum prices, the sustainability of this trend is expected to be limited.