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  COMEX Metal Inventory on March 25, 2025

• The spot market was sluggish, and spot alumina prices may continue to decline in the short term [SMM Morning Comment].

  SMM Alumina Morning Comment: The weekly operating rate of alumina has been adjusted downward recently. As of last Thursday, according to SMM data, the total operating capacity of metallurgical alumina nationwide decreased to 88.01 million mt/year, but the reduction was limited. According to SMM data, as of last Thursday, the total operating capacity of aluminum domestically was 43.84 million mt/year, translating to an alumina demand operating capacity of around 84.4 million mt/year. Even considering net exports of alumina, the fundamentals still indicate a supply surplus. In the short term, alumina prices may continue to face downward pressure. Going forward, it will be necessary to continuously monitor changes in alumina operating capacity.

• Major trade groups stated that copper prices would reach $12,000 this year.

• Bullish and Bearish Factors Intertwined, Tin Prices Consolidate at High Levels [Institutional Commentary]

• Tariff Premiums Drive Strong Copper Prices [Institutional Commentary]