库存仍处低位，铝价支撑尚存

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Macro uncertainties are strong, and short - term macro impacts may still fluctuate. Fundamentally, supply is stable while consumption is seasonally weak, but market arrivals are not abundant, and the continuous accumulation of aluminum ingot social inventory is not confirmed. The long - position atmosphere in the short - term remains, and future inventory changes should be monitored [2][6] Group 3: Summary by Directory Transaction Data - LME Aluminum 3 - month price rose from 2597.5 to 2602 yuan/ton; SHFE Aluminum Continuous Three rose from 20490 to 20525 dollars/ton; LME Aluminum inventory increased by 36350 tons to 400275 tons; SHFE Aluminum warehouse receipt inventory increased by 13495 tons to 51980 tons; spot average price decreased by 102 yuan/ton to 20698 yuan/ton; electrolytic aluminum weekly average profit decreased by 139.4 yuan/ton to 4111.18 yuan/ton [3] Market Review - The weekly average spot price was 20698 yuan/ton, a decrease of 102 yuan/ton from last week. Fed officials have different views on interest rate prospects. Trump announced a 50% tariff on imported copper starting August 1, 2025. The domestic downstream aluminum processing industry's operating rate decreased by 0.1 percentage points to 58.6%. On July 10, electrolytic aluminum ingot inventory decreased by 0.8 tons to 46.6 tons, and aluminum rod inventory increased by 0.65 tons to 16 tons [4][5] Market Outlook - Similar to the core view, macro uncertainties are high, and short - term macro impacts may fluctuate. Fundamentally, supply is stable and consumption is seasonally weak, but market arrivals are scarce, and the continuous accumulation of inventory is not confirmed. The long - position atmosphere remains, and inventory changes should be monitored [6] Industry News - Yunnan held a meeting on the green aluminum industry, and the Wenshan Zhilv project was put into operation; Canada may provide financial support to large aluminum producers if the 50% US aluminum import tariff persists; Baotou Aluminum's 200,000 - ton project had a successful hot - load test [7] Related Charts - The report provides multiple charts including LME Aluminum 3 - SHFE Aluminum Continuous Three price trends, LME Aluminum premium, etc., to show the market situation of the aluminum industry [8][9][12]