铝：偏强震荡，氧化铝：继续磨底，铸造铝合金：跟随电解铝

Report Industry Investment Ratings - Aluminum: Bullish and volatile [1] - Alumina: Continuing to bottom out [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] Core Views - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including futures market prices, trading volumes, positions, spreads, and spot market prices, premiums, processing fees, inventory levels, and corporate profitability [1] - It also provides information on relevant policies and Fed meeting minutes, and trend intensities for aluminum, alumina, and aluminum alloy [1][3] Summary by Related Catalogs Futures Market - Aluminum: The closing price of the Shanghai Aluminum main contract was 22,565, with a night - session closing price of 22,615. Trading volume decreased by 248,997 compared to T - 1, and the position decreased by 21,548 [1] - Alumina: The closing price of the Shanghai Alumina main contract was 2,751, with a night - session closing price of 2,752. Trading volume decreased by 609,434 compared to T - 1, while the position increased by 7,530 [1] - Aluminum alloy: The closing price of the aluminum alloy main contract was 21,475, with a night - session closing price of 21,510. Trading volume increased by 546 compared to T - 1, and the position increased by 9,810 [1] Spot Market - Electrolytic aluminum: The social inventory of domestic aluminum ingots was 638,000 tons, unchanged from T - 1. The profit of electrolytic aluminum enterprises was 6,041.82, a decrease of 310 compared to T - 1 [1] - Alumina: The average domestic alumina price was 2,697, unchanged from T - 1. The alumina enterprises in Shanxi had a loss of 199 [1] - Aluminum alloy: The theoretical profit of ADC12 was 62, an increase of 29 compared to T - 1. The three - place inventory totaled 45,090, a decrease of 302 compared to T - 1 [1] Other Information - Policy: Starting from January 1, 2026, individuals selling housing purchased for more than 2 years are exempt from value - added tax, while those held for less than 2 years are subject to a 3% levy [3] - Fed Meeting Minutes: "Most" officials expect further rate cuts after December, while some advocate holding rates steady for "a period of time" [3] - Trend Intensities: Aluminum trend intensity is 1, alumina is 0, and aluminum alloy is 1 [3]