SMM

[SMM Aluminum Futures Brief Review: International Situation in Turmoil, SHFE Aluminum Continues to Plunge] Macro side, market surveys indicate that signs of a slowdown in US economic growth have significantly intensified. According to S&P Global, the expansion rate of US business activity in February fell to its lowest level since September 2023, reflecting cautious sentiment among businesses regarding the economic outlook. Fundamentals side, cost side support continued to weaken; supply side remained stable with slight increases, overall changes were relatively small; demand side, influenced by the rise in aluminum prices, end-user enterprises adopted a wait-and-see approach, shipments of downstream aluminum semis enterprises showed no improvement, and the turnover days of raw material inventories at factories struggled to rebound, focusing mainly on just-in-need restocking and consuming finished product inventories.