现实端需求转弱 沪铝盘面价格后续可能会有反复

Group 1 - Canyon Resources has completed key preparatory work for its flagship Minim Martap bauxite project in Cameroon, with mining operations scheduled to commence in February 2026 and the first shipment expected in June 2026 [1] - As of January 4, the inventory of electrolytic aluminum ingots reached 684,000 tons, an increase of 24,000 tons month-on-month, while the inventory of aluminum rods in major domestic consumption areas was 153,500 tons, up by 14,500 tons month-on-month [1] - The Shandong Provincial Department of Industry and Information Technology has issued a work plan to stabilize growth in the non-ferrous metals industry, which includes policies for the recycling of waste aluminum and the regulation of the recycling processes for copper and aluminum [1] Group 2 - The current aluminum market is experiencing weak demand, with high aluminum prices suppressing downstream purchasing sentiment and leading to a continuous increase in aluminum ingot inventory [3] - The rise in aluminum prices is primarily driven by speculative expectations rather than substantial supply-demand fundamentals, raising concerns about potential market corrections as demand weakens and inventory depletion struggles [4] - In the broader market context, gold and silver show bearish signals, while copper has reached significant resistance levels, suggesting a strategy of buying put options for risk management and potential returns [4]