长江有色：17日氧化铝期价涨0.95% 今日补货需求阶段性释放有限

Group 1: Market Overview - The aluminum oxide market experienced fluctuations, with the main contract for January 2601 rising to 2558 yuan, an increase of 24 yuan or 0.95% [1] - The total trading volume for 12 contracts was 372,105 lots, a decrease of 488,798 lots or 30.16% compared to the previous trading day [1] - The inventory in the Shanghai Futures Exchange decreased by 2,394 tons to 24.6 million tons, providing some support for aluminum oxide prices [3] Group 2: Regional Price Trends - In South China, aluminum oxide prices remained stable at 2810-2860 yuan per ton, while East China saw a slight decrease of 10 yuan to 2730-2770 yuan per ton [1] - Southwest China reported prices between 2820-2860 yuan per ton, down by 5 yuan, and Northwest China prices remained unchanged at 2950-2990 yuan per ton [1] Group 3: Supply and Demand Dynamics - Guinea's bauxite shipments have increased, weakening cost support for aluminum oxide [3] - Domestic aluminum oxide production capacity reached 11,462 million tons, with operational capacity at 9,590 million tons, reflecting a month-on-month increase of 100,000 tons [3] - The overall market sentiment remains weak due to high inventory levels and limited demand from downstream purchasing, leading to a subdued trading atmosphere [3] Group 4: Economic Context - The U.S. non-farm employment growth exceeded expectations in November, but the unemployment rate rose to 4.6%, influencing market expectations for further interest rate cuts [2] - The Central Economic Work Conference in China emphasized expanding domestic demand as a primary task for the coming year, boosting market sentiment and supporting futures markets [2]