长江有色：23日氧化铝期价涨0.76% 下游按需采购节奏不变

Core Viewpoint - The alumina market is experiencing fluctuations, with the main contract showing a slight increase, while spot prices are declining due to oversupply and reduced demand from downstream buyers [1][2]. Group 1: Market Performance - As of December 23, the main alumina contract (2601) closed at 2520 yuan, up 19 yuan, reflecting a 0.76% increase [1]. - Total trading volume for 11 contracts reached 503,529 lots, an increase of 59,007 lots or 13.27% compared to the previous trading day [1]. - Open interest decreased by 9,915 lots, a decline of 1.50%, totaling 650,562 lots [1]. Group 2: Spot Prices - Domestic spot prices for alumina have decreased, with prices in various regions reported as follows: - South China: 2780-2830 yuan per ton, down 10 yuan from the previous day [1]. - East China: 2690-2730 yuan per ton, unchanged from the previous day [1]. - Southwest: 2785-2825 yuan per ton, down 5 yuan [1]. - Northwest: 2920-2960 yuan per ton, down 5 yuan [1]. Group 3: Supply and Demand Dynamics - On the supply side, while northern mines are gradually resuming production, the stability of supply remains inadequate, and domestic ore inventories are low [2]. - Alumina imports have increased by 22.87% year-on-year, which has weakened price support on the cost side [2]. - Demand from downstream aluminum plants is decreasing due to high inventory levels, leading to reduced purchasing interest for spot alumina [2]. - The market is expected to remain in a state of oversupply, with social inventories accumulating and cash costs still allowing for profit margins [2].