铝：区间震荡，氧化铝，小幅反弹

Report Summary 1. Industry Investment Ratings - Aluminum: Range-bound trading [1] - Alumina: Slight rebound [1] 2. Core Views - The report updates the fundamental data of aluminum and alumina, including futures market and spot market data, and provides information on recent industry events and trend intensities [1][3] 3. Summary by Relevant Catalogs Futures Market - Aluminum Futures: The closing price of the SHFE aluminum main contract was 19,870 yuan, up 175 yuan from the previous trading day; the trading volume was 171,811 lots, and the open interest was 212,640 lots. The LME aluminum 3M closing price was 2,385 US dollars, up 7 US dollars. The LME注销仓单占比 was 41.97%, down 0.38% [1] - Alumina Futures: The closing price of the SHFE alumina main contract was 2,844 yuan, up 26 yuan; the trading volume was 385,015 lots, and the open interest was 209,696 lots [1] Spot Market - Aluminum Spot: The domestic aluminum ingot social inventory was 676,000 tons, down 12,000 tons; the SHFE aluminum ingot warehouse receipt was 85,200 tons, down 7,300 tons. The LME aluminum ingot inventory was 434,200 tons, down 2,800 tons [1] - Alumina Spot: The domestic alumina average price was 2,886 yuan, down 2 yuan; the alumina CIF price at Lianyungang was 374 US dollars/ton, up 0 US dollars [1] Industry News - On April 21, a Sichuan electrolytic aluminum enterprise purchased 3,000 tons of spot alumina in Guizhou at a factory price of 3,065 yuan/ton, including 35% acceptance [1] - A large alumina enterprise in Henan is conducting maintenance on the dissolution end of a low-temperature line due to recent quality instability and high costs, with an expected resumption of production on May 10, affecting an annual production capacity of 400,000 tons [3] - On April 21, an electrolytic aluminum plant in Xinjiang continued its regular tender for spot alumina procurement. The total tender volume this week increased by 10,000 tons to 20,000 tons compared with previous weeks. The winning factory prices of traders varied widely, ranging from 3,180 - 3,200 yuan/ton, equivalent to a factory price of about 2,900 yuan/ton for Shanxi sources and 2,850 - 2,860 yuan/ton for Shandong sources [3] Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3]