[Citi: Aluminum Prices to Bottom Out in the Short Term, Expected to Rebound to $3,500 by Year-End] According to a report by Jinse Finance on July 3, Citi stated that aluminum prices are expected to bottom out within the next month and gradually rebound to the $3,300 to $3,500 per ton range between September and December. The bank believes this outlook is based on multiple factors, including a dovish shift in Federal Reserve policy, declining real interest rates, improved demand prospects, and a continued decline in inventory levels measured by days of consumption. Meanwhile, the recent drop in aluminum prices primarily reflects weaker-than-expected demand, slower visible inventory drawdowns, easing geopolitical risks, concentrated unwinding of speculative and physical positions, and rising market expectations of future supply increases. Over the past month, aluminum prices have fallen approximately 20% from around $4,450 per ton, shaking a rally that had lasted for more than a year. However, Citi believes it is not advisable to short aluminum prices at this time, as the market was already in a supply deficit before the recent shock, and new supply is unlikely to meet growing demand in a timely manner. The bank also pointed out that concerns about a rapid return of supply from the Middle East may be overstated.