Understanding the Market | Chinalco fell nearly 4%, downstream aluminum processing leading enterprises' weekly operating rate continued to decline, aluminum prices still under pressure

China Aluminum fell nearly 4%, as of the time of publication, it dropped by 3.81% to HKD 5.30, with a turnover of HKD 88.6902 million. On the news front, according to SMM data, the downstream processing leading enterprises of aluminum continued to decline in their weekly operating rates, with the short-term aluminum price expected to mainly operate weakly. Nanhua Futures stated that in the short term, it is expected to continue testing around the 20,000 yuan mark. The lower boundary still depends on the game result between aluminum smelter profits and the acceptance level of downstream actual demand. Whether it can rise still depends on further clarification of policy signals. In addition, the significant increase in warehouse receipts on the Shanghai Futures Exchange may exert significant pressure on short-term aluminum prices. With the continuous update of U.S. economic data, the fatigue of the manufacturing industry's month-on-month decline is evident. Coupled with the weak reality of domestic demand, even with the strengthening expectation of interest rate cuts, aluminum prices are still mainly under pressure