12-19 China Aluminum Price：CNY 19,680 / MT

As for price：The price of alumina continued to fluctuate and continued the pattern of near-strong and far-weak.The price of electrolytic aluminum was weak in the morning and fluctuated sideways in the night.

As for supply：The spot supply has not improved significantly, but the expectation of loose supply in the future has been continuously strengthened. In addition, the downstream demand is suppressed by high prices, and the expectation is weak. There is still room for the downward drive, and the negative impact on the long-term is more obvious. However, after the continuous decline in prices in the previous period, the downward pace may slow down. In terms of electrolytic aluminum, the impact of costs and supply and demand has been repeated, and in the medium term, the supply and demand side will still be dominant. The rigidity of supply is clear, and the periodic disturbances such as overhaul are easy to go down but difficult to go up. There is still support below the price, but the improvement in demand expectations remains to be confirmed, and the short-term upward momentum is limited.