Alumina spot prices are experiencing both short-term support and long-term oversupply pressure. On the one hand, high aluminum prices have led to substantial theoretical profits for electrolytic aluminum producers, prompting active demand in the spot market, providing some short-term support for alumina prices. On the other hand, trading sentiment has weakened, with holders showing a wait-and-see attitude, narrowing the decline in spot prices. In the medium to long term, the fundamental contradiction of alumina oversupply remains unresolved, and a true price reversal depends more on adjustments on the supply side.
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