US-Iran Conflict Reignites, Disrupting Commodities; Geopolitical Premium Helps SHFE Aluminum Shoot Up on Heavy Volume [SMM Aluminum Morning Briefing]

[US-Iran Conflict Renews Disruption to Commodities; Geopolitical Premium Boosts SHFE Aluminum to Surge with Heavy Volume] Overall, the persistent Middle East geopolitical risk premium, combined with continued destocking of domestic aluminum ingots, jointly underpins aluminum prices; however, the continuous launch of overseas aluminum forward capacity, weak traditional end-use demand in China, along with repeated shifts in overseas expectations for US Fed interest rate hikes and uncertainties in the Middle East geopolitical situation, exert notable pressure on the upside room for aluminum prices. In the short term, aluminum prices maintain a consolidation pattern.

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