铝市场：8月多地库存增，机构建议中线做多

Group 1 - The core viewpoint of the article highlights the current state of the aluminum market, including inventory levels, shipping data, and price dynamics [1] - As of August, aluminum ingot inventories in Guangdong, Wuxi, and Gongyi totaled 463,500 tons, an increase of 4,500 tons from the previous period [1] - In Brazil, a total of 410,100 tons of aluminum ore and aluminum concentrate were shipped in the fourth week of August, down from 532,400 tons in the same period last year, with a daily average shipping volume of 25,600 tons, reflecting a 5.9% increase year-on-year [1] Group 2 - The current spot price ratio of electrolytic aluminum in Shanghai to London is 7.93, with an import loss of 1,353.55 yuan per ton, compared to a previous loss of 1,225.72 yuan per ton [1] - Hualian Futures suggests that the recovery of electrolytic aluminum plants in Southwest China is nearing completion, leading to a slowdown in raw material stocking and inventory reduction, which may weaken future purchasing intentions [1] - The article notes that August is typically a consumption off-season, with the terminal market not yet stabilizing, but there is an expectation for demand to rebound as the "golden September and silver October" approach [1] Group 3 - Copper Crown Jinyuan Futures indicates that the expectation of a Federal Reserve rate cut in September and new real estate policies in Shanghai contribute to a favorable macroeconomic atmosphere [1] - The basic fundamentals suggest that aluminum prices are being suppressed by high consumption, and the increase in social inventory of aluminum ingots due to weekend arrivals is being monitored for the consumption peak season [1] - Short-term aluminum prices are expected to fluctuate under macroeconomic influences, with a focus on consumer performance [1]