长江有色：12日氧化铝期价涨1.63% 整体交投氛围一般

Group 1 - The core viewpoint of the news is that the aluminum oxide market is experiencing fluctuations, with a recent increase in futures prices driven by macroeconomic factors and supply-demand dynamics [2][1]. Group 2 - On January 12, the main aluminum oxide futures contract (2605) closed at 2866 yuan, up 46 yuan, reflecting a 1.63% increase [1]. - The total trading volume for 21 contracts was 956,375 lots, a decrease of 184,183 lots or 16.155% compared to the previous trading day [1]. - The open interest increased by 7,436 lots to 784,807 lots, representing a 0.96% rise [1]. Group 3 - The domestic aluminum oxide spot prices remained stable, with prices in various regions reported as follows: South China at 2730-2780 yuan per ton, East China at 2640-2680 yuan per ton, Southwest at 2760-2800 yuan per ton, and Northwest at 2905-2945 yuan per ton [1]. - The macroeconomic announcement from the Ministry of Finance and the State Taxation Administration indicates that the export tax rebate for photovoltaic products will be canceled starting April 1, 2026, leading to a surge in exports and a temporary boost in related sectors [2]. Group 4 - The domestic aluminum oxide production capacity remains high, with no significant signs of production cuts, while there are indications of resumption in bauxite mining in northern regions [2]. - The overall market sentiment is bullish due to previous anti-competitive news and expectations of significant production cuts in loss-making aluminum oxide companies in January [2]. - Despite the bullish sentiment, the oversupply in the market continues to pose a challenge for price increases, with expectations of a rebound followed by a potential retreat to seek support [2].