铝：震荡偏强，氧化铝：价格承压

1. Report Industry Investment Rating - Aluminum: Oscillating with a bullish bias [1] - Alumina: Price under pressure [1] 2. Core Viewpoints of the Report - The report provides an update on the fundamental data of aluminum and alumina, including futures and spot market prices, trading volumes, open interest, inventory levels, and enterprise profitability, and also presents some industry news and trend intensities [2][4] 3. Summary by Relevant Catalogs Futures Market - Aluminum Futures: The closing price of the SHFE aluminum main contract was 19,545 yuan, down 50 yuan from the previous trading day; the LME aluminum 3M closing price was 2,389 US dollars, up 17 US dollars. The trading volume and open interest of the SHFE aluminum main contract increased, while the LME aluminum 3M trading volume also increased. The LME cancelled warrant ratio decreased, and the LME aluminum cash - 3M spread increased slightly [2] - Alumina Futures: The closing price of the SHFE alumina main contract was 2,815 yuan, up 29 yuan. The trading volume decreased, and the open interest also decreased. The spread between the near - month contract and the first - consecutive contract and the cost of the near - month long and first - consecutive short inter - period arbitrage changed [2] Spot Market - Aluminum Spot: The domestic aluminum ingot social inventory was 716,000 tons, unchanged from the previous day; the SHFE aluminum ingot warrant was 100,100 tons, down 1,100 tons. The electrolytic aluminum enterprise profit was 3,130.67 yuan, up 2.40 yuan. The aluminum spot import profit and loss was - 944.64 yuan, up 29.37 yuan [2] - Alumina Spot: The domestic average alumina price was 2,894 yuan, unchanged. The alumina price at Lianyungang's CIF was 356 US dollars/ton, up 1 US dollar. The profit and loss of Shanxi alumina enterprises was - 118 yuan, unchanged [2] - Other Raw Materials: The prices of bauxite from different sources were mostly stable, and the price of caustic soda in Shaanxi was also stable [2] Comprehensive News - In Guizhou, 3,000 tons of spot alumina were traded at an ex - factory price of 2,950 yuan/ton [2] - On April 16, 30,000 tons of alumina were traded in Australia at an FOB price of 347.5 US dollars/ton for June shipment [4] Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0 [4]