SMM

[SMM Aluminum Morning Meeting Summary: Supporting the Private Economy, Tug-of-War Between Sellers and Buyers Continues Amid Volatile Market] Inventory side, it remained in a post-holiday inventory buildup phase, with inventory expected to continue increasing rapidly this week. Demand side, the operating rate of leading domestic downstream aluminum processing enterprises rebounded significantly this week, up 5.7 percentage points WoW to 56.8%, mainly driven by post-Chinese New Year resumption of production. However, recovery varied across different sectors. Looking ahead, with increasing PV demand and full resumption of work and production by end-users, while supply-side growth remains limited, aluminum prices are expected to maintain a short-term high-level fluctuation.