铝日报-20250527

Report Information - Report Name: Aluminum Daily Report - Date: May 27, 2025 - Research Team: Non-ferrous Metals Research Team [1][2][3] Investment Rating - Not provided Core Viewpoints - Aluminum prices continued to fluctuate within a narrow range. The main 2507 contract closed at 20,155, slightly down 0.05% from the previous trading day. The total open interest of the index increased by 5,732 to 523,645 lots. Considering the approaching off-season and high smelting profits, the absolute price increase still restrains the end - users, so profits can be locked in at high prices [8]. Section Summaries 1. Market Review and Operation Suggestions - Aluminum Price: The main 2507 contract of aluminum slightly declined, and the index total open interest increased. Domestic social inventories continued to decline, and holders raised premiums. The LME was closed on the 26th, and there was no latest import profit - loss data [8]. - Alumina Price: Alumina prices dropped significantly by 3.77% to around 3060. The main reasons were the easing of disturbances at the Guinea ore end and the increasing expectation of partial capacity restart, which might push the operating capacity above 92 million tons in the next three weeks [8]. - Electrolytic Aluminum: On the supply side, there was little change due to the capacity ceiling. On the demand side, inventories decreased by 23,000 tons to 534,000 tons compared with last Thursday, supporting aluminum prices [8]. 2. Industry News - Aluminum Plant Investment: Emirates Global Aluminium plans to invest $4 billion in an aluminum plant in Oklahoma, USA, with an annual capacity of 600,000 tons of primary aluminum. Construction will start at the end of 2026 and be completed in 2030 [9]. - Factory Closure: Norsk Hydro will close its Birtley extrusion plant in the UK at the end of May, with an annual capacity of about 12,000 tons, affecting 100 employees [10]. - Warehouse Expansion: The London Metal Exchange (LME) has approved the addition of three warehousing facilities in Hong Kong, increasing the total to seven. The first four will start operating in July [10]. - Mining Rights Policy in Guinea: The transitional authorities in Guinea classified several mining rights as strategic reserve areas, including those for bauxite, iron, gold, diamonds, and graphite [10].