Group 1 - The domestic non-ferrous metal market showed a downward trend, with the main contract for aluminum futures opening at 23,800.00 CNY/ton and experiencing a decline of 1.92% by midday, reaching a low of 23,435.00 CNY/ton [1] - The overall performance of aluminum prices is weak, with institutions indicating that the market is in a phase of adjustment due to reduced new orders from downstream aluminum processing enterprises and a general decline in operating rates as the Spring Festival approaches [2] - Domestic aluminum production capacity has slightly increased, leading to a rise in inventory levels, while the demand side remains weak, suggesting that aluminum prices will primarily experience fluctuations during this off-peak consumption season [2] Group 2 - The recent ADP employment data from the U.S. fell significantly below market expectations, indicating a slowdown in the labor market, which has led to market participants adopting a wait-and-see approach for clearer economic guidance [2] - Inventory levels for aluminum are at their highest in nearly three years, contributing to a seasonal weakness in supply and demand dynamics [2] - The aluminum industry in the Middle East, particularly in Iran, faces fundamental vulnerabilities due to imbalances in internal capacity and raw material self-sufficiency, as well as an inefficient energy system, which may affect market stability [2]
消费总体趋弱态势较明显 铝价预计短时震荡调整
Jin Tou Wang·2026-02-05 07:04