需求保持稳定 氧化铝主力合约一度触及涨停

Group 1 - The core viewpoint indicates that aluminum oxide futures have stabilized, with the main contract reaching a limit-up price of 2787.0 yuan/ton, reflecting a 5.37% increase [1] - As of December 25, the national aluminum oxide inventory stands at 4.773 million tons, an increase of 93,000 tons from the previous week [2] - The National Development and Reform Commission emphasizes the need for enhanced management and optimized layout for resource-intensive industries like aluminum oxide and copper smelting, aiming to prevent blind investments and disorderly construction [2] Group 2 - The total built capacity for metallurgical-grade aluminum oxide in the country is 110.32 million tons/year, with an operational capacity of 88.085 million tons/year, maintaining a weekly operating rate of 79.85% [2] - Zhongyuan Futures notes a technical rebound in the futures market driven by short-term funding sentiment and macro technical support, while the overall aluminum oxide fundamentals remain in a surplus situation, likely leading to weak performance in the medium term [4] - According to Ruida Futures, the price of aluminum oxide has fallen below the theoretical cost line, which may lead to a slight reduction in domestic capacity and operations due to profit erosion, while demand from electrolytic aluminum plants remains stable [4]