Recently, market sentiment has been driven primarily by alumina market fundamentals, causing the bullish sentiment sparked by earlier unexpected events to gradually fade. Meanwhile, the decline in aluminum prices—triggered by macroeconomic factors—has exerted a knock-on effect on alumina spot prices. This combination of fundamental and macroeconomic pressures suggests that alumina spot prices may struggle to rise further in the short term, while the correlation between futures and spot prices is expected to strengthen.
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