The US-Iran negotiations remain highly uncertain amid easing tensions, while crude oil prices remain high, providing fundamental support for alumina futures prices. A sudden supply fluctuation at a large-scale alumina project in Guangxi has prompted traders to begin sourcing in the spot market, strengthening support for spot prices. Recent spot transaction activity should be monitored. The new Guangxi project will gradually begin producing by the end of this month, currently ramping up production, and significant supply is unlikely in the short term.
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