SMM

[SMM Aluminum Morning Meeting Summary: Tug-Of-War Between Longs and Shorts in Aluminum Market Intensifies, Expected to Support Bottom Resilience] Recently, the aluminum market has been intertwined with both bullish and bearish factors, presenting a pattern of "strong expectations, weak reality." On one hand, the current inventory buildup cycle has not yet ended, coupled with price fluctuations in the raw material side weakening cost support, jointly limiting the upward price space. On the other hand, macroeconomic easing expectations continue to ferment, combined with rising expectations of seasonal recovery in domestic consumption, gradually strengthening the market's bottom support. In the short term, aluminum prices may continue a consolidation trend, but caution is needed against the spillover effects of global risk asset volatility triggered by an unexpectedly rapid shift in European and U.S. monetary policy.