电解铝：宏观情绪谨慎 基本面施压市场维持区间震荡

Group 1 - The core viewpoint of the article indicates that the electrolytic aluminum market is experiencing a cautious macro sentiment, leading to a range-bound fluctuation in prices [1] - As of February 24, the spot aluminum price is 23,390 yuan/ton, reflecting a 0.95% increase compared to pre-holiday levels [1] - The decline in aluminum water ratio has reached a low for the year, resulting in increased supply, while downstream inventory accumulation is at a five-year high, potentially rising to 1.3 million tons [1] Group 2 - Demand is expected to improve as downstream operations resume, providing moderate support for prices [1] - Future aluminum prices are projected to remain within the range of 23,000 to 24,000 yuan/ton [1]