铝产业链日评：中美达成一年期经贸协议支撑铝价-20251103

Report Title - Aluminum Industry Chain Daily Review 20251103: China-US One-Year Economic and Trade Agreement Supports Aluminum Prices [1] Report Core View - The China-US one-year economic and trade agreement supports aluminum prices. Although the Fed's interest rate cut expectation turns hawkish, the US dollar index strengthens, and liquidity tightens, the domestic electrolytic aluminum social inventory is decreasing, and the domestic scrap aluminum supply-demand expectation is tight, which may make the prices of electrolytic aluminum and aluminum alloy cautiously bullish. The production loss of alumina leads to a reduction in the oversupply, and the downward space of alumina price may be gradually limited [2] Industry Data Summary Alumina - Price: The national average alumina price was 2,872.95 yuan/ton on October 27, 2,872.04 yuan/ton on October 30, and 2,881.03 yuan/ton on October 31. Prices in different regions also showed certain fluctuations [2] - Futures: The closing price of alumina futures was 2,816 yuan/ton on October 27, 2,793 yuan/ton on October 30, and 2,829 yuan/ton on October 31. The trading volume, open interest, and inventory also changed [2] - Spread: The basis, near-month - continuous one, continuous one - continuous two, etc. of alumina showed different degrees of change [2] Electrolytic Aluminum - Price: The SMM A00 aluminum - semi average price was 21,280 yuan/ton on October 27, 21,200 yuan/ton on October 30, and 21,160 yuan/ton on October 31. Prices in different regions also fluctuated [2] - Futures: The closing price of electrolytic aluminum futures was 21,300 yuan/ton on October 27, 21,245 yuan/ton on October 30, and 21,360 yuan/ton on October 31. The trading volume, open interest, and inventory also changed [2] - Spread: The basis, near - month - continuous one, continuous one - continuous two, etc. of electrolytic aluminum showed different degrees of change [2] Aluminum Alloy - Price: The SMM ADC12 (primary aluminum) - average price was 22,300 yuan/ton on October 27, 22,250 yuan/ton on October 30, and 22,400 yuan/ton on October 31. Prices in different regions and types also fluctuated [2] - Futures: The futures closing price (active contract) of cast aluminum alloy was 20,705 yuan/ton on October 27, 20,805 yuan/ton on October 30, and 20,715 yuan/ton on October 31. The trading volume, open interest, and inventory also changed [2] - Spread: The basis, near - month - continuous one, continuous one - continuous two, etc. of aluminum alloy showed different degrees of change [2] LME Aluminum - Price: The LME 3 - month aluminum futures closing price (electronic disk) was 10,930 on October 27, 10,891.5 on October 31, with a change of - 38.50 [2] - Spread: The 0 - 3 month and 3 - 15 month contract spreads of LME aluminum futures also changed [2] Trading Strategy Alumina - Temporarily wait and see, pay attention to the support level around 2,600 - 2,700 and the resistance level around 3,300 - 3,600 (View score: 0) [2] Electrolytic Aluminum - Hold the previous long positions cautiously, pay attention to the support level around 20,300 - 20,600 and the resistance level around 21,500 - 22,000 for Shanghai aluminum, and the support level around 2,600 - 2,700 and the resistance level around 2,900 - 3,000 for LME aluminum (View score: 1) [2] Aluminum Alloy - Hold the previous long positions cautiously, or try to go long on the spread between electrolytic aluminum and aluminum alloy on dips, pay attention to the support level around 20,000 - 20,300 and the resistance level around 20,800 - 21,000 (View score: 1) [2]