SMM Aluminum Morning Meeting: Macro Uncertainty, Dollar Volatility, and Weakening SHFE Aluminum

[SMM Aluminum Morning Meeting Summary: Six Departments Issue Long-Term Capital Market Entry Plan, US Dollar Hovers at Key Level, SHFE Aluminum Continues to Weaken]

Macro side, Trump officially took office. Due to market uncertainty regarding the raise tariff policy, sentiment remained volatile. The US dollar index first fell and then rose, putting gradual pressure on base metals.

Fundamentals side, supply-side disruptions decreased as supply remained ample. The aluminum industry's cost side showed significant easing, with the domestic aluminum immediate full average cost pulling back to around 19,000 yuan...