铝：区间震荡，氧化铝：低位反弹，铸造铝合金：跟随电解铝

Report Industry Investment Rating - Aluminum: Range-bound oscillation [1] - Alumina: Rebound from a low level [1] - Cast aluminum alloy: Follow the trend of electrolytic aluminum [1] Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including futures market prices, trading volumes, open interests, spreads, and spot market prices, costs, and inventories [1]. - The trend intensity of aluminum, alumina, and aluminum alloy is all rated as neutral [3]. Summary by Relevant Catalogs Futures Market - Aluminum: The closing price of the SHFE aluminum main contract was 21,500 yuan, with a change of -30 yuan compared to T - 5. The trading volume was 150,551 lots, a decrease of 19,292 lots compared to T - 5. The open interest was 257,138 lots, a decrease of 81,444 lots compared to T - 5 [1]. - Alumina: The closing price of the SHFE alumina main contract was 2,724 yuan, a decrease of 8 yuan compared to T - 5. The trading volume was 218,818 lots, a decrease of 48,115 lots compared to T - 5. The open interest was 355,202 lots, a decrease of 56,103 lots compared to T - 5 [1]. - Aluminum Alloy: The closing price of the aluminum alloy main contract was 20,680 yuan, a decrease of 100 yuan compared to T - 5. The trading volume was 4,744 lots, a decrease of 120 lots compared to T - 5. The open interest was 5,516 lots, a decrease of 1,833 lots compared to T - 5 [1]. Spot Market - Aluminum: The domestic social inventory of aluminum ingots was 590,000 tons, a decrease of 23,000 tons compared to T - 5. The SHFE aluminum ingot warrant was 66,900 tons, a decrease of 2,500 tons compared to T - 5. The LME aluminum ingot inventory was 541,100 tons, a decrease of 3,000 tons compared to T - 5 [1]. - Alumina: The average domestic alumina price was 2,856 yuan, a decrease of 5 yuan compared to T - 5. The CIF price of alumina in Lianyungang was 345 US dollars/ton, unchanged compared to T - 5 [1]. - Aluminum Bauxite: The price of imported bauxite from Australia, Indonesia, and Guinea all showed a slight decline compared to T - 5 [1]. - Aluminum Alloy: The theoretical profit of ADC12 was -211 yuan, unchanged compared to T - 5. The total inventory of three regions was 49,924 tons, a decrease of 913 tons compared to T - 5 [1]. Other Information - The National Development and Reform Commission will continue to promote work to address disorderly price competition among enterprises and maintain a good market price order [3]. - In October, the profits of industrial enterprises above a designated size decreased by 5.5% year - on - year. In the first 10 months, the profits of the mining industry decreased by 27.8%, while those of the manufacturing and power industries increased by 7.7% and 9.5% respectively [3].