铝：偏弱震荡，氧化铝，低位整理

Report Summary 1. Industry Investment Rating - Aluminum: Weak and volatile [1] - Alumina: Consolidating at low levels [1] 2. Core View The report updates the fundamental data of aluminum and alumina, including prices, trading volumes, positions, and spreads in the futures market, as well as inventory, production costs, and corporate profitability in the spot market. It also provides the latest market news and trend strength indicators [1][3]. 3. Summary by Catalog Futures Market - Aluminum Futures: The closing price of the SHFE aluminum main contract was 19,910 yuan/ton, up 325 yuan/ton from the previous trading day. The trading volume was 186,779 lots, an increase of 71,128 lots. The LME aluminum 3M closing price was $2,470/ton, up $52/ton. The LME注销仓单占比 was 37.69%, down 0.31% [1]. - Alumina Futures: The closing price of the SHFE alumina main contract was 2,843 yuan/ton, up 114 yuan/ton. The trading volume was 859,878 lots, a decrease of 110,097 lots. The position was 272,614 lots, a decrease of 1,213 lots [1]. Spot Market - Aluminum Spot: The domestic aluminum ingot social inventory was 608,000 tons, a decrease of 21,000 tons. The aluminum spot import profit and loss was -1,251.34 yuan/ton, a decrease of 49.72 yuan/ton [1]. - Alumina Spot: On May 12, 2,000 tons of spot alumina were traded in Shandong at a factory price of 2,910 yuan/ton. Xinjiang's electrolytic aluminum factory tendered for 10,000 tons of spot alumina this week, with a winning bid price of about 3,230 yuan/ton, up 40 yuan/ton from last week [1][3]. Market News - On May 12, Shandong traded 2,000 tons of spot alumina at a factory price of 2,910 yuan/ton [1]. - Xinjiang's electrolytic aluminum factory tendered for 10,000 tons of spot alumina this week, with a winning bid price of about 3,230 yuan/ton, up 40 yuan/ton from last week [3]. Trend Strength - Aluminum trend strength: 0 - Alumina trend strength: 0 [3]