Geopolitical Risks Cool at the Margin, LME Outperforms SHFE in Aluminum Market [SMM Aluminum Morning Meeting Minutes]
[Geopolitical Risks Cool at the Margin; LME Outperforms SHFE Pattern in Aluminum Market Remains Unchanged] On the fundamentals side, the supply gap outside China and low inventory continue to provide bottom support. However, elevated inventory levels in China remain the core factor suppressing significant price rallies. Additionally, weak trading performance in the spot market further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the pattern of LME outperforming SHFE, fluctuating at highs.