铝：等待库存拐点，氧化铝：窄幅震荡，铝合金：区间震荡

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The report focuses on the fundamentals of aluminum, alumina, and aluminum alloy, presenting data such as prices, trading volumes, positions, and inventory levels, but does not explicitly state a core view [1]. 3. Summary by Directory Futures Market - Aluminum: The closing price of the Shanghai Aluminum main contract was 20,465 yuan, down 120 yuan from the previous day; the trading volume was 93,213 lots, a significant decrease; the LME Aluminum 3M closing price was 2,526 US dollars, unchanged from the previous day [1]. - Alumina: The closing price of the Shanghai Alumina main contract was 2,890 yuan, down 11 yuan; the trading volume was 323,616 lots, showing a large - scale change [1]. - Aluminum Alloy: The closing price of the main contract was 19,640 yuan, down 140 yuan; the trading volume was 5,622 lots, a sharp decline [1]. Spot Market - Aluminum: The domestic aluminum ingot social inventory was 450,000 tons, unchanged from the previous day; the spot premium was 180 yuan [1]. - Alumina: The average domestic alumina price was 3,197 yuan, down 20 yuan; the alumina price at Lianyungang's arrival port was 393 US dollars [1]. - Aluminum Alloy: The theoretical profit of ADC12 was - 358 yuan; the price of Baotai ADC12 was 19,500 yuan, down 100 yuan [1]. Other Information - Macroeconomics: China's June LPR quotes remained unchanged, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5%. Analysts believe there is room for LPR cuts in the second half of the year [3]. - Trend Intensity: The trend intensities of aluminum, alumina, and aluminum alloy were all 0, indicating a neutral trend [3].