铝：波动率降至历史低位氧化铝：市场存在分歧铸造铝合金：窄幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The volatility of aluminum has dropped to a historical low, there are market disagreements on alumina, and cast aluminum alloy is fluctuating within a narrow range [1] - The trend intensities of aluminum, alumina, and aluminum alloy are all 0, indicating a neutral outlook [2] 3. Summary by Related Catalogs Futures Market - Aluminum: The closing price of the SHFE aluminum main contract was 20,750, with a night - session closing price of 20,665. The LME aluminum 3M closing price was 2,622. Trading volume and open interest showed various changes compared to previous periods [1] - Alumina: The closing price of the SHFE alumina main contract was 3,211, with a night - session closing price of 3,170. Trading volume and open interest also had different changes over time [1] - Aluminum Alloy: The closing price of the aluminum alloy main contract was 20,135, with a night - session closing price of 20,075. Trading volume and open interest changed as well [1] Spot Market - Aluminum: The domestic aluminum ingot social inventory was 54.90 million tons, and the LME aluminum ingot inventory was 46.95 million tons. There were also changes in prices such as the pre - baked anode market price and the aluminum ingot scrap price difference [1] - Alumina: The arrival price of alumina at Lianyungang was 400 US dollars/ton (in US dollars) and 3,425 yuan/ton (in RMB). The profitability of alumina enterprises in Shanxi also changed [1] - Aluminum Alloy: The price of Baotai ADC12 was 19,700, and the total inventory of three regions was 31,154 [1] Macroeconomic Information - In China, in June, the newly added social financing was 4.2 trillion yuan, the newly added RMB loans were 2.24 trillion yuan, and the M2 - M1 scissors gap narrowed by 1.9 percentage points compared to May [2] - In June, China's social retail sales year - on - year growth rate slowed to 4.8%, and the growth rate of catering revenue also slowed. The retail sales of some categories such as household appliances and audio - visual equipment, cultural office supplies, and communication equipment increased but at a slower pace [2]