善用衍生品工具，构建铝企全链条风控体系

Core Insights - The Chinese recycled aluminum industry is entering a rapid development phase, with production expected to exceed 10 million tons in 2024, accounting for 19.3% of total aluminum supply, and projected to reach 11.5 million tons by 2025 and over 18 million tons by 2030 [1][2] - The introduction of casting aluminum alloy futures and options on June 10 has filled a gap in the recycled metal derivatives market, providing a transparent and authoritative pricing and hedging platform for enterprises [1] - Companies are encouraged to adopt a comprehensive risk control system through four key strategies: locking in raw material costs, product sales hedging, optimizing inventory financing, and enhancing quality and brand [2] Industry Developments - The demand for recycled aluminum is expected to grow due to emerging sectors such as new energy vehicles, photovoltaics, and energy storage, while challenges include tight scrap aluminum supply and price volatility [1] - The trading volume of the newly launched futures reached 205,700 contracts by July 9, equivalent to 102,000 tons of spot aluminum, representing approximately 27% of domestic monthly consumption, indicating increasing market activity [1] Practical Applications - Various derivative tools such as futures-options combinations, basis trading, cross-commodity hedging, and rights-inclusive trading are being utilized in procurement, sales, inventory, and financial management by companies [2] - Differentiated tool matching suggestions are provided for companies of different sizes, with large enterprises advised to use futures-options combinations or cross-commodity hedging, while medium and small enterprises should consider futures hedging and single-direction hedging respectively [2] Strategic Recommendations - Companies are advised to maintain a focus on hedging, distinguish between hedging and speculation, dynamically track market changes, and establish delivery brands and data systems early to gain future pricing and financing advantages [2]